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Taxation Ruling

IT 2251

Income tax : rates of depreciation for materials handling plant and equipment - containers (transportable)

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FOI status:

May be releasedFOI number: I 1205898

PREAMBLE

In 1970 the standard depreciation rates to be applied to transportable shipping containers was determined by this office. The rates were incorporated into Income Tax Order No. 1217.

2. At the time the determination was made it was appreciated that the use of "containerization" equipment was still largely in the experimental stages in Australia and that it would be some time before sufficient experience was gained of replacement histories to enable more accurate estimates of effective life to be made.

RULING

3. The standard rates for transportable shipping containers have now been reviewed. The additional information obtained in relation to their replacement histories, particularly the actual scrapping practices of shipping lines and others, has indicated that no change in the established rates is warranted.

4. Consequently the rates listed in Income Tax Order No. 1217 will remain applicable, i.e.

  P.C. D.V.M.
% %
MATERIALS HANDLING PLANT AND EQUIPMENT -
                    Containers (Transportable) -
                           Generally 15 22 1/2
                           On hire or pool units 20 30
                           Security types (heavy steel) 10 15

COMMISSIONER OF TAXATION
13 February 1986

References

ATO references:
NO 84/761-5
BO H 3/2/3 K-T55/1/1 13/D3/AF.1444/G C.55/1/1 Pt. 6 J3 VJ 56/1 Pt. 6 COR 744/11

Date of effect:
Immediate

Date original memo issued:
12 June 1970

Subject References:
DEPRECIATION

Legislative References:
55(1)


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