Private ruling: Recalculating the effective life of depreciating assets
Date of advice: 23 August 2024
Published: 30 September 2024

Ruling: Q1: Is Entity X entitled to recalculate the effective lives of depreciating assets, that were installed ready for use after 1 July 2001 (and not acquired under a contract entered into before 11.45am on 21 September 1999 in ACT) under section 40-110 of the Income Tax Assessment Act 1997 (ITAA 1997)? | A1: Yes.