Australia Gazettes Legislative Instrument on Income Tax Assessment (Effective Life of Depreciating Assets) Determination 2025

The Australian Official Gazette Sept. 15 published a legislative instrument on the effective life of depreciating assets for income tax assessment purposes. The legislative instrument includes measures: 1) detailing the procedure for determining the effective life of assets; 2) allowing taxpayers to choose between the Commissioner of Taxation’s determination and their own estimate of the effective life of an asset; 3) repealing the Income Tax (Effective Life of Depreciating Assets) Determination 2015; and 4) providing examples and tables listing industry-specific depreciable assets and their effective lives. The legislative instrument takes effect Sept. 16. [Australia, Government Legal Database, 09/15/25]

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