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Licenced seismic data a depreciating asset says ATO

A deduction over 15 years is usually the correct treatment unless an exception applies.

The Australian Taxation Office (ATO) has finalised its view on the income tax treatment of expenditure incurred by an entity that collects and processes seismic data that is then non-exclusively licenced to multiple clients.Its position, set out in Taxation Ruling 2019/4 (Income tax: capital allowances: expenditure incurred by an entity that collects, processes and provides multi-client seismic data) (TR 2019/4), is that expenditure on such data is:on capital account;mining, quarrying or pros...

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Authors: James Macky, Tim Lynch, Michael Baartz

Published Date: 16 October 2019


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