Do the effective lives of depreciating assets still matter?

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<div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">United States</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/en" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> </div> </div> </div> <div class="tab"> <div class="row"> <div class="row component column-splitter"> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Belgium</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/nl-be" data-variantfieldname="Link">Dutch</a> </div> </li> <li> <div class="field-link"> <a href="/fr-be" data-variantfieldname="Link">French</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Czech Republic</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/cs-cz" data-variantfieldname="Link">Czech</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Denmark</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/da-dk" data-variantfieldname="Link">Denmark</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">France</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/fr-fr" data-variantfieldname="Link">French</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Germany</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/de-de" data-variantfieldname="Link">German</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Hungary</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/hu-hu" data-variantfieldname="Link">Hungarian</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Italy</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/it-it" data-variantfieldname="Link">Italian</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Netherlands</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/nl-nl" data-variantfieldname="Link">Dutch</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Norway</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/nb-no" data-variantfieldname="Link">Norwegian</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Poland</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/pl-pl" data-variantfieldname="Link">Polish</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Portugal</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/pt-pt" data-variantfieldname="Link">Portuguese</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Romania</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/ro-ro" data-variantfieldname="Link">Romanian</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Slovakia</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/sk-sk" data-variantfieldname="Link">Slovak</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Spain</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/es-es" data-variantfieldname="Link">Spanish</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Sweden</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/sv-se" data-variantfieldname="Link">Swedish</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">United Kingdom</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/en-gb" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> </div> </div> </div> <div class="tab"> <div class="row"> <div class="row component column-splitter"> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Australia</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/en-au" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Current Page:</span> <ul> <li> <div class="field-link"> <a href="/en-au/expert-insights/do-the-effective-lives-of-depreciating-assets-still-matter" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">China</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="https://www.wolterskluwer.cn" data-variantfieldname="Link" target="_blank" rel="noopener noreferrer">Simplified Chinese</a> </div> </li> </ul> </div> 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class="component-content"> <h6 class="language-selector-modal__country-name">Japan</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/ja-jp" data-variantfieldname="Link">Japanese</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Malaysia</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/en-my" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">New Zealand</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/en-nz" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Philippines</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/en-ph" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Singapore</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/en-sg" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">South Korea</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/ko-kr" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="col-12 col-md-3"> <div class="row"> <div class="component link-list"> <div class="component-content"> <h6 class="language-selector-modal__country-name">Taiwan</h6> <div class="language-selector-modal__page"> <span class="language-selector-modal__page-name">Home page:</span> <ul> <li> <div class="field-link"> <a href="/zh-tw" data-variantfieldname="Link">English</a> </div> </li> </ul> </div> </div> </div> </div> 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people at a desk talking" stylelabs-content-id="572219" width="3840" thumbnailsrc="https://contenthub.wolterskluwer.com/api/gateway/572219/thumbnail" src="https://assets.contenthub.wolterskluwer.com/api/public/content/777545a6c8074bddae068c27e6760bb5?v=3d4f0fe1" srcset="https://assets.contenthub.wolterskluwer.com/api/public/content/777545a6c8074bddae068c27e6760bb5?v=3d4f0fe1&t=w539l 539w,https://assets.contenthub.wolterskluwer.com/api/public/content/777545a6c8074bddae068c27e6760bb5?v=3d4f0fe1&t=w767l 767w,https://assets.contenthub.wolterskluwer.com/api/public/content/777545a6c8074bddae068c27e6760bb5?v=3d4f0fe1&t=w991l 991w,https://assets.contenthub.wolterskluwer.com/api/public/content/777545a6c8074bddae068c27e6760bb5?v=3d4f0fe1&t=w1199l 1199w,https://assets.contenthub.wolterskluwer.com/api/public/content/777545a6c8074bddae068c27e6760bb5?v=3d4f0fe1&t=w1440l 1440w,https://assets.contenthub.wolterskluwer.com/api/public/content/777545a6c8074bddae068c27e6760bb5?v=3d4f0fe1&t=w1920l 1920w" loading="lazy" data-variantitemid="{9B511F1A-A561-4693-9FD0-4EFB17F87E0A}" sizes="(max-width:539px)539px, (max-width:767px)767px, (max-width:991px)991px,(max-width:1199px)1199px,(max-width:1440px)1440px,1920px" format="" data-variantfieldname="Image" /></div><div class="container no-padding"><div class="col-lg-10 offset-lg-1 no-padding"><div class="eyebrow"><span class="interest-area field-name">Tax & Accounting</span><span class="date field-editorial-publish-date">August 08, 2024</span></div><h1 class="title field-title">Income Tax | Do the effective lives of depreciating assets still matter?</h1><div class="author-section"><span>By: </span><span class="author-link field-author-name" data-dm-wk="newsheader.link"><a title="renee-leung" href="/en-au/experts/renee-leung">Renee Leung</a></span></div></div></div> </div> </div> <div class="row component column-splitter"> <div class="col-12 col-md-8 col-lg-1 sticky-wrapper"> <div class="row"> <div class="component social-share vertical col-12"> <div class="component-content"> <div class="share-sticky"><div class="share-wrapper"><div class="share-btn share-btn-linkedin" aria-label="Share on Linkedin"></div><div class="share-btn share-btn-twitter" aria-label=" Share on Twitter"></div><div class="share-btn share-btn-facebook" aria-label="Share on Facebook"></div><div class="share-btn share-btn-mail" aria-label="Share with Mail"></div><div class="share-btn share-btn-print" aria-label="Print"></div><div class="share-btn share-btn-link" aria-label="Copy Link"></div></div></div> </div> </div> </div> </div> <div class="col-12 col-md-8 col-lg-6"> <div class="row"> <div class="component row-splitter"> <div class="container-fluid"> <div > <div class="row"> <div class="component rich-text article-text"> <div class="component-content"> <h3>With the first post-temporary full expensing income year behind us, the landscape of depreciation in Australia has changed again!<br /> <br /> This article gives an overview of situations where the effective life of an asset is relevant to calculating depreciation deductions for businesses, employees and investment property owners.<br /></h3> <hr /> <h3>Table of contents<br /></h3> <ul> <li><a href="#capital">Capital allowances generally</a></li> <li><a href="#temporary">Temporary full expensing</a></li> <li><a href="#businesses">Businesses applying Div 40</a></li> <li><a href="#small">Small business entities applying Subdiv 328-D</a></li> <li><a href="#employees">Employees and non-business expenditure</a></li> <li><a href="#investment">Investment properties</a></li> <li><a href="#determining">Determining effective life</a></li> <li><a href="#depreciation">Depreciation Rates Finder</a></li> </ul> </div> </div> <div class="component rich-text article-text col-12"> <div class="component-content"> <h2>Background</h2> <h3><a id="capital"></a>Capital allowances generally</h3> <p><br />A deduction for the decline in value of a depreciating asset (“depreciation”) is available under the uniform capital allowance system in <strong>Div 40</strong> of ITAA 1997. The division was inserted by the <em>New Business Tax System (Capital Allowances) Act 2001</em>, consolidating over 27 capital allowance regimes that previously existed into a single system.</p> <p>Under <strong>Div 40</strong>, depreciation is calculated using one of 2 decline in value formulas, the prime cost method or diminishing value method. Both formulas use the <strong>effective life</strong> of the asset — being the period that an asset can be used for income producing purposes, assuming it will be subject to wear and tear at a reasonable rate and that it will be maintained in reasonably good order and condition. A taxpayer can choose between their own reasonable assessment of effective life or any applicable “safe harbour” determination of effective life made by the Commissioner under <strong>s 40-100</strong>.</p> <p>Small business entities can choose to apply a simplified capital allowance regime for calculating depreciation provided under Subdiv 328-D of ITAA 1997. Under the simplified regime, an immediate write-off applies for eligible assets costing less than a specified threshold (“instant asset write-off threshold”). Assets with a cost above the threshold are allocated to a general small business pool, which provides a simplified calculation of depreciation that does not make reference to the effective life of assets pooled.</p> <h3><a id="temporary"></a>Temporary full expensing</h3> <p><br />“Temporary full expensing” refers to a 2020 Budget measure that allowed many businesses to deduct the full cost of a depreciating asset for a limited period (broadly, eligible assets first held and first used or installed ready for use for a taxable purpose between 7:30 pm (AEDT) on 6 October 2020 and before 1 July 2023).</p> <p>Entities calculating depreciation under <strong>Div 40</strong> could opt out of temporary full expensing on an asset-by-asset basis. Where that choice was made, depreciation was calculated for the asset under <strong>Div 40</strong> as it ordinarily applied.</p> <p>For small business entities applying Subdiv 328-D, access to temporary full expensing was effected by a suspension of the instant asset write-off threshold (such that the cost of all eligible assets were required to be written off). Entities applying the simplified regime had no discretion to opt-out of temporary full expensing on an asset-by-asset basis.</p> <h2>When is effective life relevant to calculating depreciation?</h2> <h3><a id="businesses"></a>Businesses applying Div 40</h3> <p><br />As discussed above, the most common application of effective life is in the calculation of depreciation under <strong>Div 40</strong>. Under the prime cost method in <strong>s 40-75</strong>, the value of a depreciating asset is assumed to decrease uniformly over its effective life. For this reason, this method of calculating depreciation is also known as the “straight line” method. Under the diminishing value method in <strong>s 40-72</strong>, the value of a depreciating asset is assumed to decrease more in the early years of its effective life.</p> <p>There are some exceptions where calculating depreciation under <strong>Div 40</strong> may not require determination of effective life. Most notably, taxpayers can choose to use pooling regimes under <strong>Subdiv 40-E</strong> for low-cost assets or in-house software expenditure. Depreciation for certain assets, including those relating to primary production, electricity and phone connections, and mining exploration, are also subject to different rules in <strong>Subdivs 40-F to 40-K</strong>.</p> <h3><a id="small"></a>Small business entities applying Subdiv 328-D</h3> <p><br />In most cases, effective life does not factor into depreciation calculations for a small business entity that has chosen to use the simplified regime under Subdiv 328-D. Where an entity starts to use (or installs ready for use) an eligible asset for a taxable purpose, depreciation for the asset will be calculated by reference to the instant asset write-off threshold or the general small business pool rules. (References to using an asset in discussing <strong>Subdiv 328-D</strong> from here on include installing an asset ready for use.)</p> <p><strong>So what’s the fine print?</strong></p> <p>Where an asset begins to be used for any purpose <strong>at the same time</strong> that it is first used for a taxable purpose, its adjustable value will be its cost. In this case, the cost of the asset is either written-off (if under the relevant threshold) or allocated to the general small business pool. No determination of effective life is required.</p> <p>Where an asset is used for any purpose <strong>before</strong> it is first used for a taxable purpose, its adjustable value is any first and second element costs less decline in value up to the time it is first used for a taxable purpose. It is here that effective life rears its head — decline in value is calculated under either the prime cost or diminishing value methods in <strong>Div 40</strong> meaning the asset’s effective life must be considered. This scenario most commonly occurs where an asset has been used for a private purpose before it is used for a taxable purpose.</p> <h3><a id="employees"></a>Employees and non-business expenditure</h3> <p><br />Employees and other individuals incurring non-business expenditure must calculate deductions for the decline in value of depreciating assets by reference to effective life in accordance with <strong>Div 40</strong>. These taxpayers cannot choose to calculate depreciation under Subdiv 328-D, as the simplified regime is not available to taxpayers that are not carrying on a business.</p> <p>However, these taxpayers may not be required to determine an asset’s effective life where the cost of a depreciating asset does not exceed $300 and the asset is not part of a set costing more than $300 <strong>(s 40-80(2))</strong>. In these circumstances, the cost of the asset can be immediately deducted.</p> <p>Note that taxpayers calculating a deduction for additional expenses incurred while working from home under the fixed-rate method in <em>Practical Compliance Guideline</em> <strong>PCG 2023/1</strong> are entitled to separately claim a deduction for decline in value of depreciating assets used while working from home (eg a computer, desk or office chair) in accordance with Div 40. Unlike similar fixed-rate methods provided under <em>Practical Compliance Guideline</em> <strong>PCG 2020/3</strong> (applicable from 1 March 2020 to 30 June 2022) and <em>Law Administration Practice Statement</em> <strong>PS LA 2001/6</strong> (applicable before 30 June 2022), the fixed rate in PCG 2023/1 does not include the decline in value of any depreciating assets that a taxpayer may be eligible to deduct.</p> <h3><a id="investment"></a>Investment properties</h3> <p><br />Rental property owners that do not carry on a business of letting rental properties must calculate depreciation for rental property assets under, and so need to consider the effective life of assets. Similar to employees, they do not meet the “carrying on a business” requirement for applying Subdiv 328-D.</p> <p>However, in the case of depreciating assets in residential properties used to generate rental income, there is one situation where determination of effective life may not be required. <strong>Section 40-27</strong> prohibits passive investors from claiming a deduction for the decline in value of second-hand assets (ie assets that were not newly used for the purpose of generating rental income). There is generally no need to determine the effective life of assets for which decline in value is not deductible. Note that effective life may still be relevant to balancing adjustment calculations under <strong>s 40-291</strong> if the asset is sold or where an asset has multiple purposes.</p> <h2><a id="determining"></a>Determining effective life</h2> <p>Taxpayers that are required to determine effective life in calculating depreciation generally have 2 options — self-assessing the effective life of an asset or relying upon the ATO’s “safe harbour” determinations.</p> <p>In self-assessing the effective life for an asset, a taxpayer must adopt an effective life that relates to the total estimated period the asset can be used by any entity for the purpose of producing income, conducting R&D activities or another taxable purpose in accordance with <strong>s 40-105</strong>. This is most commonly required where the asset is not covered by the Commissioner’s effective life determination and there is no statutory effective life available. Taxpayers may be obliged to re-calculate self-assessed effective lives in certain circumstances and can be asked by the ATO to explain their choice of effective life.</p> <p>The Commissioner’s “safe harbour” determinations are set out in Tables A and B in the <a href="https://www.legislation.gov.au/F2015L00798/latest/text" target="_blank">Income Tax (Effective Life of Depreciating Asset) Determination 2015</a> and reproduced in <em>Taxation Ruling</em> <strong>TR 2022/1</strong>. These tables are periodically updated by the ATO to incorporate further effective life determinations when effective life reviews are complete. Effective lives for assets set out in Table A are specific to the particular industry listed. Table B covers assets generally, albeit can only be relied on where the particular asset is not listed under an industry heading applicable to a taxpayer in Table A.</p> <h3><a id="depreciation"></a>Depreciation Rates Finder</h3> <p><br />CCH iKnowConnect’s Depreciation Rates Finder helps you to ensure the effective life of a depreciating asset is correctly identified.</p> <p><strong>How can you use the Depreciation Rates Finder?</strong></p> <ul> <li>Quickly search for an asset within the Commissioner’s determination.</li> <li>Use quick filters to narrow your search to Table A or Table B or to particular industry categories.</li> <li>Export and print results that are relevant to you at the click of a button.</li> </ul> <p>If you’d like to find out more about CCH iKnowConnect, Wolters Kluwer’s tax research platform including our Income Tax practice area which includes the Depreciation Rates Finder, <a href="/en-au/solutions/cch-iknowconnect/income-tax">click here</a>.</p> </div> </div> </div> </div> </div> <div class="container-fluid"> <div > <div class="row"></div> </div> </div> <div class="container-fluid"> <div > <div class="row"></div> </div> </div> <div class="container-fluid"> <div > <div class="row"> <div class="component author-bio author-bio col-12"> <div class="component-content"> <div class="author-header"><div class="author-image field-author-image"><image width="552" height="829" alt="Renee Leung" src="https://assets.contenthub.wolterskluwer.com/api/public/content/fb1001f37d9041a199f91c9c0c323a61?v=cc8df105" stylelabs-content-id="817312" stylelabs-content-type="Image" thumbnailsrc="https://contenthub.wolterskluwer.com/api/gateway/817312/thumbnail" data-variantitemid="{B9FBF9A6-8B2B-422D-B8EB-DEDDC891CD9A}" format="" data-variantfieldname="Author Image" /></div><div class="author-info"><div class="author-name field-author-name" data-dm-wk="authorbio.link"><a title="renee-leung" href="/en-au/experts/renee-leung">Renee Leung</a></div><div class="author-title field-author-title">Content Management Analyst, Wolters Kluwer</div></div></div><div class="author-description field-author-description">Renee is a writer and content specialist for CCH iKnowConnect’s tax and superannuation practice areas. 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