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Provisional Depreciation Determination PROV16

This determination may be cited as "Determination PROV16: Tax Depreciation Rates Provisional Determination Number 16"

1. Application

This determination applies to taxpayers who own assets in the "Leisure" and "Medical and Medical Laboratory" industry categories that are in the provisional asset classes set out below.

This determination applies to "depreciable property" other than "excluded depreciable property" for the 2004 05 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 "Leisure" industry category, the provisional asset class, estimated useful life, and diminishing value and straight-line depreciation rates listed below. Columns 3 and 4 apply to items purchased prior to 1 April 2005. Columns 5 and 6 apply to items purchased on or after 1 April 2005:
    1 2 3 4 5 6
    Provisional asset class Estimated useful life (years) DV banded dep'n rate before 1/4/05 (%) Sl equiv banded dep'n rate before 1/4/05 (%) DV banded dep'n rate from 1/4/05 (%) Sl equiv banded dep'n rate from 1/4/05 (%)
    Marble rock instruments (heated) or chilled and used in the massage process) 25 7.5 5.5 8 6
  • Inserting into the "Medical and Medical Laboratory" industry category, the provisional asset class, estimated useful life, and diminishing value and straight-line depreciation rates listed below. Columns 3 and 4 apply to items purchased prior to 1 April 2005. Columns 5 and 6 apply to items purchased on or after 1 April 2005:
    1 2 3 4 5 6
    Provisional asset class Estimated useful life (years) DV banded dep'n rate before 1/4/05 (%) Sl equiv banded dep'n rate before 1/4/05 (%) DV banded dep'n rate from 1/4/05 (%) Sl equiv banded dep'n rate from 1/4/05 (%)
    Marble rock instruments (heated) or chilled and used in the massage process) 25 7.5 5.5 8 6

3. Interpretation

In this determination, unless the context otherwise requires, expressions have the same meaning as in the Income Tax Act 2004 and the Tax Administration Act 1994.

This determination is signed by me on the 28th day of June 2006.

Susan Price
Senior Tax Counsel