On 28 June 2017, the Australian Taxation Office issued Taxation Ruling (TR) 2017/2 on the effective life of depreciating assets. Under Australian depreciation rules, taxpayers may choose to use the Commissioner's determination of the effective life of a depreciating asset as included in tables A and B of TR 2017/2 or choose to make their own estimate. Table A lists the effective life for industry specific assets and Table B lists the effective life for general assets.
For the use of the list…