Buildings with reinforced concrete framing (default class), Buildings with steel or steel and timber framing (default class), Buildings with timber framing (default class)

Note to Determination DEP 85

The Commissioner has set general economic depreciation rates for various categories of buildings by adding new default asset classes to the "Building and Structures" asset category. The Commissioner has also deleted the asset classes for these same categories of buildings that are not default classes.

This determination may be cited as "Determination DEP85: Buildings with reinforced concrete framing (default class), Buildings with steel or steel and timber framing (default class), Buildings with timber framing (default class)"

1. Application

This determination applies to taxpayers who own depreciable property of the kind listed in the table below.

This determination applies from the 2012-13 and subsequent income years.

2. Determination

Pursuant to section 91AAG of the Tax Administration Act 1994 this determination will apply to the kind of items of depreciable property listed in the table below by:

Deleting from the "Building and structures" asset category the general asset classes, estimated useful lives, and general diminishing value and straight line depreciation rates as listed below:

Adding to the "Building and Structures" asset category the general asset classes, estimated useful lives, and general diminishing value and straight line depreciation rates as listed below:

3. 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 10th day of July 2013.

Rob Wells
LTS Manager, Technical Standards