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30 Mar 2010

Tax Depreciation Rates General Determination Number 73

Determination DEP 73 (2010) sets a depreciation rate for furniture in the 'Hire Equipment (short-term hire of 1 month or less only)' category.

This determination may be cited as "Determination DEP 73: Tax Depreciation Rates General Determination Number 73".

  1. Application
  • This determination applies to taxpayers who own items of depreciable property of the kinds listed in the table below and applies to the 2009/2010 income year and subsequent income years.
  1. Determination
  • Pursuant to section 91AAF of the Tax Administration Act 1994 I set in this determination the economic rates to apply to the kinds of items of depreciable property listed in the table below:

    • Adding into the "Hire Equipment (short-term hire of 1 month or less only)" asset category, the asset class, estimated useful life, and diminishing value and straight-line depreciation rates listed below:

    • Asset class Estimated useful life (years) DV rate (%) SL rate (%)
      Furniture (loose) with a general DV rate of 20%* 2 50 40

      * Residual value has been estimated at 25%
  1. Interpretation
  • In this determination, unless the context otherwise requires, words and terms have the same meaning as in the Income Tax Act 2007 and the Tax Administration Act 1994.

This determination is signed by me on the 30th day of March 2010.

Susan Price
Director, Public Rulings