Statutory caps on the Commissioner's determination of effective life

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From 1 July 2002 there are statutory caps on the Commissioner's determined effective life for certain depreciating assets. This means if you choose to use the Commissioner's determination of effective life for an asset with a capped life, you must use the capped life if it is shorter than the Commissioner's determination.

Assets with capped lives include aeroplanes, helicopters and certain assets used in the oil and gas industries. For more information, see TR 2000/18 (as at 1 July 2004).