On 29 June 2016, the Australian Taxation Office issued Taxation Ruling (TR) 2016/1 on the effective life of depreciating assets. 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 2016/1 or choose to make their own estimate. Table A lists the effective life for industry specific assets and Table B lists the effective life for general assets. For the use of the listed effective lives, if a depreciating asset is first used or installed ready for use within five years...