Calculating depreciation rates for assets with high residual values
2006 correction to the rules covering the method for calculating depreciation rates on assets that have a residual value of more that 13.5 percent of cost.
Section EE 25E of the Income Tax Act 2004
The rules covering the method for calculating depreciation rates on assets that have a residual value of more that 13.5 percent of cost have been corrected.
The word "before" had been inserted in the legislation rather than the term "on or after". The correction means that section EE 25E applies to plant and equipment acquired on or after 1 April 2005 and buildings acquired on or after 19 May 2005. The rules apply for the 2005-06 and later income years.
Other sections in this legislation
| Offshore investment | Tax rules for PIEs | Tax on geothermal wells | Australian superannuation fund exemption | New rules for selecting SSCWT rates | Allowing documents to be removed for inspection | Military and police allowances | New rules for spreading income on the sale of patents | Organisations approved for charitable donee status | Consolidated groups and foreign losses | Assessments by the Commissioner | GST and financial services | GST on fringe benefits | GST grouping rules | Taxation of business environmental expenditure | Family assistance provisions | Rewrite amendments | Tax depreciation treatment of patents | Fringe benefit tax | Depreciation formula | Economic rate of depreciation | Calculating depreciation rates | Election to depreciate | Transitional residents | Death and asset transfers | New GST due date | Limit on refunds and allocations of tax | The imputation system and companies | Reverse takeovers | Changes in GST taxable periods | Miscellaneous technical amendments |