Tax Depreciation Rates General Depreciation Determination

This determination may be cited as "Determination DEP60: Tax Depreciation Rates General Determination Number 60".

1. Application
   
   This determination applies to taxpayers who own the asset class listed below.
   
   This determination applies to "depreciable property" other than "excluded depreciable property" for the 2006/2007 and subsequent income years.
   
2. Determination
   
   Pursuant to section 91AAF of the Tax Administration Act 1994 I hereby amend Determination DEP 1: Tax Depreciation Rates General Determination Number 1 (as previously amended).
   
   
• Inserting into the "Contractors, builders, and quarrying" industry category the general asset class, estimated useful life, and diminishing value and straight-line depreciation rate listed below:



Contractors, building and quarrying	Estimated useful life(years)	DV banded dep'n rate(%)	SL equivalent banded dep'n rate(%)
Builders' planks (wooden)	3	67	67



3. Interpretation
   
   In this determination, unless the context otherwise requires, expressions have the same meaning as in the Tax Administration Act 1994 and the Income Tax Act 2004.

This determination is signed by me on the 20th day of November 2006.

Susan Price
Senior Tax Counsel