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Income Tax (Effective Life of Depreciating Assets) Amendment Determination (No 1) 2022
4. Determination4. Determination
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4. Determination
The amendments in this determination may affect:
(1) taxpayers who choose, under paragraph 40-95(1)(a) of the ITAA 1997, to use an effective life determined by the Commissioner for a depreciating asset when working out its decline in value, and
(2) taxpayers who are directed, under subsections 40-95(4C),40-95(5C), 40-95(6), 58-75(5) and 58-80(6) of the ITAA 1997, to use an effective life determined by the Commissioner.