Taxation Ruling
IT 2590
Income tax : rate of depreciation for medical analyser systems
-
Please note that the PDF version is the authorised consolidated version of this ruling and amending notices.This document is no longer current as has been Archived.View the Archival notice for this document.This document has been Withdrawn.View the Withdrawal notice for this document.
FOI status:
May be releasedFOI number: I 1011977PREAMBLE
This Ruling determines the rate of depreciation under section 55 of the Income Tax Assessment Act 1936 (the Act) for medical analyser systems.
FACTS
2. Medical analyser systems are used to perform routine analysis of blood samples in pathology laboratories and hospitals. The systems are discrete, fully selective analysis instruments which use integrated microprocessors. The integrated microprocessor controls the type of analysis, performs systems checks and calculates the result automatically. The system provides for graphical analysis of test results which may be printed out and which also may be stored on disk with other relevant patient information.
RULING
3. Available information indicates that the effective life of a medical analyser system is about 7 years. Accordingly, a prime cost rate of depreciation of 15% per annum has been fixed under subsection 55(1) of the Act.
COMMISSIONER OF TAXATION
7 June 1990