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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; certain buses, light commercial vehicles, trucks and trailers; and certain assets used in the oil and gas industries. For more information, see Taxation Ruling TR 2006/15.
Last modified: 27 Aug 2007QC 27892