Income tax: effective life of depreciating assets

Taxation Ruling TR 2006/5 has been replaced by Taxation Ruling >TR 2006/15, which applies on and from 1 January 2007. To the extent that the views contained in TR 2006/5 still apply, they have been incorporated into TR 2006/15.

The Commissioner's determination of the effective life of depreciating assets has been amended with effect from 1 January 2007. If, for a particular asset, you were using an effective life from the determination as in force before the latest amendment (for example, as contained in the Schedule to TR 2006/5), you may continue to use that life for that asset.