On October 27, 2015 the New Zealand Inland Revenue published IR260 titled: “Depreciation - a guide for businesses”.
The guide discusses subjects like a.o.:
· Overview
o Main features of depreciation law
o Compulsory depreciation claims
o Electing not to depreciate
o How to make an election not to depreciate
o Assets that don't depreciate
o Who can claim depreciation?
o Cost of assets for depreciation purposes
o GST and depreciation
o Records
o Individual or pooled assets
o Diminishing value (DV) method
o Straight line (SL) method
o Changing methods
o Pooling method
o Rates
· Detailed information on certain assets
o Buildings
o Land
o Leased assets
o Renting out a residential property
o Holiday homes
o Intangible assets
o Computer software
o Reservation of title clause (also known as Romalpa clause)
o Assets costing $500 or less (including loose tools) acquired on or after 19 May 2005
· Adjustments and disposals
o Newly acquired assets
o Private use of business assets
o Transferring depreciable assets between associated persons
o Private assets becoming business assets
o Disposals
o Transferring assets under a relationship agreement
o Transferring depreciable assets between 100% group companies
o Local authority trading enterprises
o Determinations
o 1994 to 2005 rates
o 2006 and future years
o Disputable decisions
o Special depreciation rates
o How we set a special rate
o Provisional depreciation rates
o Higher maximum pooling values
o Deductions for assets you no longer use
Click here to be forwarded to the Guide as available on the website of the New Zealand Inland Revenue, which will open in a new window.
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