Tax Depreciation Rates General Determination Number 63
Determination 63 (2007) sets a depreciation rate for software to be used in the preparation or filing of income tax returns relating to one particular year only.
Pursuant to section 91AAG(6) of the Tax Administration Act 1994 this determination replaces Determination Prov1: Tax Depreciation Rates Provisional Determination Number 1 issued on 15 February 1994.
This determination applies to taxpayers who own assets in the class listed below.
This determination applies to "depreciable property" other than "excluded depreciable property" for the 2005/2006 and subsequent income years.
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) by inserting into the "Software" asset category, in the appropriate alphabetical order, the general asset class, estimated useful life, diminishing value depreciation rate and straight-line depreciation rate listed below.
|General asset class||Estimated useful life (years)||DV banded dep'n rate from 1/4/05 (%)||SL equiv banded dep'n rate from 1/4/05 (%)|
|Software able to be used in the preparation or filing of income tax returns relating to one particular year only||2||100||100|
In this determination, unless the context otherwise requires, expressions have the same meaning as in the Income Tax Act 2004 and the Tax Administration Act 1994.
This determination is signed by me on the 28th day of June 2007.
Senior Tax Counsel