ATO depreciation rates for fpsos) assets in the Mining industry, under Income Tax (Effective Life of Depreciating Assets) Determination 2025 (LI 2025/20).
13 assets listed.
| Asset | Effective life | Prime cost rate | Diminishing value rate | Applicable from |
|---|---|---|---|---|
| Control systems | 10 years | 10.00% | 20.00% | 1 July 2025 |
| Flare tips | 5 years | 20.00% | 40.00% | 1 July 2025 |
| Floating production storage and offloading (FPSO) vessels (incorporating mooring systems) | 20 years | 5.00% | 10.00% | 1 July 2025 |
| Floating storage and offloading (FSO) vessels (incorporating mooring systems) | 20 years | 5.00% | 10.00% | 1 July 2025 |
| Generally (including offshore platforms) Major carbon steel vessels 121/2 * 1 Jul 2002 | 15 years | 6.67% | 13.33% | 1 July 2025 |
| Generally (including piping, skids, vessels and assets used onshore) Power turbines used offshore 121/2 * 1 Jul 2002 | 15 years | 6.67% | 13.33% | 1 July 2025 |
| Offshore bulk loading transfer systems | 10 years | 10.00% | 20.00% | 1 July 2025 |
| Other | 15 years | 6.67% | 13.33% | 1 July 2025 |
| Piping and vessels | 15 years | 6.67% | 13.33% | 1 July 2025 |
| Subsea production assets (including control umbilical, flowline and manifold) | 15 years | 6.67% | 13.33% | 1 July 2025 |
| Trunklines Valves 121/2 * 1 Jul 2002 | 30 years | 3.33% | 6.67% | 1 July 2025 |
| Wellheads and christmas trees | 15 years | 6.67% | 13.33% | 1 July 2025 |
| Wells and downhole equipment | 10 years | 10.00% | 20.00% | 1 July 2025 |
The effective lives shown above are determined by the Commissioner of Taxation under section 40-100 of the Income Tax Assessment Act 1997. The diminishing value rate equals 200% ÷ effective life (for assets acquired on or after 10 May 2006). The prime cost rate equals 100% ÷ effective life. You may alternatively self-assess effective life — see the ATO website for guidance.