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Depreciation - New Effective Lives Released

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The Income Tax (Effective Life of Depreciating Assets) Amendment Determination 2017 (No 1) was registered on Monday.

It applies from 1 July 2017 and provides taxpayers in specific industries and for specific assets with effective lives as a basis to calculate the depreciation of an asset for income tax purposes.

Under the Uniform Capital Allowances (UCA) system, taxpayers can either use an effective life determined by the ATO, or self-assess their own effective life of an asset. Effective lives determined by the ATO provide a "safe harbour" for taxpayers, in the sense that these rates will be accepted by the ATO. 

28 Jun 2017
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