The Australian Taxation Office has issued Taxation Determination (TD) 2019/1 - Income tax: what constitutes 'use' (and potentially first use) of a mining, quarrying or prospecting right, that is a depreciating asset, for the purposes of subsection 40-80(1) of the Income Tax Assessment Act 1997? TD 2019/1 notes that generally, Division 40 provides deductions for the decline in value of a depreciating asset a taxpayer holds over the asset's effective life. By contrast, under section 40-80 the decline in value of a depreciating asset a taxpayer holds is the asset's cost where certain requirements are met. Two of these requirements...