The Australian Taxation Office (ATO) has finalized Taxation Ruling (TR) 2024/1 - Income tax: composite items - identifying the relevant depreciating asset for capital allowances. The ruling helps taxpayers to determine whether a composite item is the depreciating asset, or whether its components are separate depreciating assets for tax purposes. TR 2024/1 was issued on 31 January 2024 and applies to years of income commencing both before and after its date of issue, although it will not appl…