01 Feb 2014

Amendment to Provisional Depreciation Determination PROV25: Stabilised Turf Systems

Determination PROV25 (Stabilised Turf Systems) has been amended and the straight-line rate replaced, back-dating to the application date of the 2011/12 tax years.

On 5 June 2013, LTS Technical Standards issued a provisional depreciation determination Determination PROV25: Tax Depreciation Rates Provisional Determination Number PROV25. The determination sets out that a stabilised turf system consists of a number of components that have different useful lives.

Some amendments are now required to correct an error in the determination. The amendments involve replacing the straight-line rate of 7.5%, where it appears, with the straight-line rate of 7%. The amendments are back-dated to the application date of the determination, i.e., from the 2011/12 and subsequent income years.

This notice will appear in Tax Information Bulletin Vol. 26, No. 1 (February 2014).