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General Depreciation Determination DEP70

Determination DEP70: Tax Depreciation Rates General Determination Number 70

Note to determination DEP70:

This determination applies both to the 2007/2008 income year, and the 2008/2009 and subsequent income years and is issued pursuant to section 91AAF of the Tax Administration Act 1994, having regard to the application of section ZA 2(2) of the Income Tax Act 2007.

1. Application

This determination applies to taxpayers who own items of depreciable property of the kind listed in the table below that have been acquired on or after 1 April 2005.

This determination applies for the 2007/2008 and subsequent income years.

2. Determination

Pursuant to section 91AAF of the Tax Administration Act 1994 I set in this determination the economic rates to apply to the kind of items of depreciable property listed in the table below by:

  • Adding into the "Agriculture, Horticulture, and Aquaculture" industry category the general asset class, estimated useful life, and diminishing value and straight-line depreciation rates listed in the table below.

     

    General asset class Estimated useful life (years) DV rate (%) SL rate (%)

    Plant supports (hanging retractable wire)

    5

    40

    30

3.  Interpretation

In this determination, unless the context otherwise requires, words and terms have the same meaning as in the Income Tax Act 2007 and the Tax Administration Act 1994.

This determination is signed by me on the 6th day of June 2008.

 

Susan Price
Director