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16 Feb 2007

Determination Prov17: Tax depreciation rates provisional determination number 17

Determination Prov17 (Feb 2007) amends the 'Hire Equipment (short-term hire of 1 month or less only)' asset category.

This determination may be cited as "Determination PROV17: Tax Depreciation Rates Provisional Determination Number 17".

1. Application

This determination applies to taxpayers who own assets in the "Hire Equipment (short-term hire of 1 month or less only)" asset category that are in the provisional asset class set out below.

This determination applies to "depreciable property" other than "excluded depreciable property" for the 2006 and subsequent income years.

2. Determination

Pursuant to section 91AAG(4) of the Tax Administration Act 1994 I hereby amend Determination DEP1: Tax Depreciation Rates General Determination Number 1 (as previously amended) by:

  • Inserting into the "Hire Equipment (short-term hire of 1 month or less only)" asset category, the provisional asset class, estimated useful life, and diminishing value and straight-line depreciation rates listed below:
Provisional asset class Estimated useful life (years) Dv banded dep'n rate (%) Sl equiv banded dep'n rate (%)
Furniture (loose) with a general DV rate of 18% * 2 50 40
* Residual value has been estimated at 25%.

3. Interpretation

In this determination, unless the context otherwise requires, expressions have the same meaning as in the Income Tax Act 004 and the Tax Administration Act 1994.

This determination is signed by me on the 16th day of February 2007.

Susan Price
Senior Tax Counsel