• Item 4: Self-assessed effective life

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    For most depreciating assets, you can choose either

    • to work out the effective life yourself (self-assess), or
    • to use an effective life determined by the Commissioner.

    If you have adopted the Commissioner's effective life determination for all your depreciating assets included at A, B and C,

    • print an X in the box for no at D
    • go to part B of this schedule.

    If you have self-assessed the effective life of any of your depreciating assets included at A, B or C,

    • print an X in the box for yes at D
    • Go to labels E and/or F.

    At E, write the total cost of all your depreciating assets (excluding motor vehicles) for which you:

    • self-assessed the effective life, and
    • claimed a deduction for decline in value for the first time this income year.

    At F, write the total cost of all your motor vehicles for which you:

    • self-assessed the effective life, and
    • claimed a deduction for decline in value for the first time this income year (see note to item 3 above).

    Go to part B of this schedule.

    Last modified: 23 Jun 2005QC 27545