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Strategy Statement 2016201820162018Our Vision: healthy, safe and productive discontents 1Foreword by the Minister for Business and Employment. . . . . . . . 42Introduction. . . . . . . . . . . . .
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Productive lives refer to the period of time during which an asset is expected to contribute to a company's operations.
Companies and individuals who own assets that are used in business operations are required to file productive lives.
Productive lives can be filled out by estimating the useful life of an asset based on factors such as wear and tear, technological advances, and market demand.
The purpose of productive lives is to help businesses accurately calculate depreciation expenses and asset values.
Information such as the description of the asset, estimated useful life, depreciation method used, and salvage value must be reported on productive lives.
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