ATO Publishes Updated Guidance on the Effective Life of Depreciating Assets

The Australian Taxation Office (ATO) has published updated guidance on the Effective life of depreciating assets, which covers how to find the effective life of a depreciating asset when claiming a deduction. This includes sections on:

• Determining the effective life of an asset, which includes two ways:
  • using the ATO's determinations of the effective life; or
  • self-assessing the effective life;
• How the ATO makes effective life determinations, which covers the factors the ATO uses to dete…