Tax help: effective life of vehicle

[SircatmaN]

Hi guys just wondering if anyone coud help me with this one.
I am working out the decline in value for the car I used for work for 2 months for my tax.
The car was valued at $35,990 and was purchased just before work with a record of all km's used etc.

I am trying to work out the "Effective life" but I am having alot of difficulty finding anything that can help.

How would i work out the effective life?

[SircatmaN]

http://law.ato.gov.au/atolaw/view.htm?docid=ITD/EF20081/00001 I found this so Im presuming 8 years.

[doriae86]

depends on industry and usage paterns. Use their guide if its applicable, if its not, use your own figure and be prepared to justify why (ie extremly high/heavy use)

also I beleive you only need to keep a record of KM for the log book method, theres two other ways of calculating your mv expenses. Talk to an accountant about thats most effective for you.

[SircatmaN]

Its all good the depreciation worked out around $1060 and then I could only claim around %70 of it because I also used it a bit for driving around out of work.

That seems reasonable enough.
I kept a record or the km's aswell and ive kept it all saved in my tax folder just incase.

This is the first year I've kept records of all this stuff and it makes a big differance aye.