The Australian Taxation Office (ATO) has published Taxation Ruling (TR) 2021/3 - Income tax: effective life of depreciating assets, which is effective from 1 July 2021 and replaces Taxation Ruling (TR) 2020/3.
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 2021/3 or choose to make their own estimate. Table A lists the effective life for industry-specific asset…