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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).