The Income Tax (Effective Life of Depreciating Assets) Amendment Determination 2014 (No 1) was registered on Fri 6.6.2014. It applies from 1 July 2014 and provides taxpayers in specific industries and for specific assets with effective lives as a basis to calculate the decline in value (depreciation) of an asset for income tax purposes. The authority for making an effective life determination is provided by s 40-100(1) of the ITAA 1997.
[LTN 108, 6/6/14]