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09 May 12 Effective Life Determination made

Income Tax (Effective Life of Depreciating Assets) Amendment Determination 2012 (No 1) was made on 3 May 2012 and registered on the Federal Register of Legislative Instruments on 8 May 2011 as Legislative Instrument F2012L01002.

The determination amends the Income Tax (Effective Life of Depreciating Assets) Determination 2001 to provide 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 Determination commences on 1 July 2012.

For a copy of the Explanatory Statement, click on the Explanatory Statement tab.