How do I set timer on effect?

I need to create effects on impact with item and then get the effect wear off after some time.

You can add the Fade behavior to it

Questo - are you talking about the built in effects or thing like using particles to simulate smoke (for example)?

Couldn't resist having a quick play. Hope it helps.

I meant the effects that can be set for whole layer.

slight edit to capx to add layer fx.

Use a variable to count the time. Like

On collision: set variable to 100

Every tick set variable to: clamp(variable-(60*dt),0,100)

Then you can set your effect in relation to this timer.