Tax depreciation schedules for property investors

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Guide to Depreciating Assets 2005-06

Download a copy of the ATO’s publication on Depreciating Assets. Covers deductions you can claim for depreciating assets and other capital expenditure. Get an insight into what is a depreciating asset, low-value pools, effective life, and working out decline in value.

Taxation Ruling TR 2000/18 (withdrawn as at 1 July 2006)

View Taxation Ruling TR 2000/18. The Commissioner will periodically make determinations to update and amend the effective life tables contained in the Schedule to this Ruling. To assist taxpayers to determine the relevant effective life of a depreciating asset the ATO have prepared unofficial versions of the Ruling that incorporate changes to the Ruling made by Addenda and the relevant consolidated Tables A, B and F of the Schedule to the Ruling.

Taxation Ruling TR 2006/15 (effective 1 January 2007) — replaces TR 2000/18 & TR 2006/5

This Ruling discusses the methodology used by the Commissioner of Taxation in making determinations of the effective life of depreciating assets under section 40-100 of the Income Tax Assessment Act 1997 (ITAA 1997).

The effective life of a depreciating asset is used to work out the asset’s decline in value. To the extent the asset is used for a taxable purpose, a deduction may be available, under Division 40 of the ITAA 1997, for its decline in value. However some depreciating assets, depending on the circumstances of use, may qualify for capital works deductions under Division 43 of the ITAA 1997.

This Ruling replaces Taxation Ruling TR 2000/18 Income tax: depreciation effective life and all the accompanying addenda, which are withdrawn on and from 1 July 2006.