Southland Chamber of Commerce

Tax amendment

(Posted 07/06/2006)
Tax depreciation rates amended
The Inland Revenue has published new tax depreciation rates on their website which apply to all types of assets used for business in New Zealand. The rates take effect on 1 April 2005 for all non-building assets and 19 May 2005 for buildings.
Excluding building structures, rates have increased by up to 34 per cent which is potentially advantageous to business. Building structures have generally decreased by 1 per cent. All property owners should undertake a depreciation analysis of any building structures, fit out and chattels to see what they can take advantage of. These new rates appear to have been published on 28 April 2006 following recently passed legislation.
Previous rates were based on the estimated useful life of an asset taking account of the residual value which is normally at 13.5 per cent. The new regime appears to have moved away from that method of calculation and has greatly accelerated the majority of depreciation rates.
IRD link here

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		Tax amendment (Posted 07/06/2006) Tax depreciation rates amended The Inland Revenue has published new tax depreciation rates on their website which apply to all types of assets used for business in New Zealand. The rates take effect on 1 April 2005 for all non-building assets and 19 May 2005 for buildings. Excluding building structures, rates have increased by up to 34 per cent which is potentially advantageous to business. Building structures have generally decreased by 1 per cent. All property owners should undertake a depreciation analysis of any building structures, fit out and chattels to see what they can take advantage of. These new rates appear to have been published on 28 April 2006 following recently passed legislation. Previous rates were based on the estimated useful life of an asset taking account of the residual value which is normally at 13.5 per cent. The new regime appears to have moved away from that method of calculation and has greatly accelerated the majority of depreciation rates. IRD link here Printer Friendly Page		Login Quick Links: Events Calendar Training Calendar Information Zone Young Enterprise Eastern Southland Export/Import Sector Members Area Surveys Site Map Contact Us JOBS IN SOUTHLAND The Chamber of Commerce recommends Sinuous.net for web design services. Sinuous.net is a southland owned company with offices throughout the south island. www.sinuous.net


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