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Australia Issues Taxation Ruling on Effective Life of Depreciating Assets

|Approved Changes|Australia
Australia

The Australian Taxation Office (ATO) has issued Taxation Ruling (TR) 2019/5 on the effective life of depreciating assets, which is effective from 1 July 2019 and replaces Taxation Ruling (TR) 2018/4.

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 2019/5 or choo…

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