This consultation process has now been completed. Submissions availableDate
On 7 December 2015, the Government announced a package of measures designed to incentivise and reward innovation as part of its National Innovation and Science Agenda. One of those measures will allow taxpayers the choice to either self‑assess the effective life of certain intangible depreciating assets or use the statutory effective life. The current law only provides an effective life set by statute.
The Government has developed draft legislation to implement this measure and is now seeking comments on the proposed legislation and the accompanying explanatory memorandum.