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On 8 May 2014, the ATO made an Effective Life Determination for 2014-15. The Determination is entitled the Income Tax (Effective Life of Depreciating Assets) Amendment Determination 2014 (No 1) (legislative instrument F2014L00679; registered 6 June 2014).

The determination amends the Income Tax (Effective Life of Depreciating Assets) Determination 2001 to provide taxpayers in specific industries and for specific assets with updated 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 2014.

For a copy of the Explanatory Statement, go here.

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