2009 media releases
Residential rental property and depreciable items
17 November 2009
Inland Revenue is seeking feedback on a draft statement aimed at giving greater clarity about depreciation of residential rental property items.
The statement is to help residential rental property owners understand the correct approach to depreciating assets for tax purposes.
"Residential Rental Properties - Depreciation of items of depreciable property" had previously been released for comment and, in response to earlier submissions, has been amended and released again for further public consultation.
The most significant change is the development of a three-step test that will be applied to determine whether an item should be treated separately or as part of the building.
The draft statement also includes an appendix with common items, such as plumbing, electrical wiring, hot water cylinders, doors, and cupboards, and states whether these are viewed as separately depreciable items or part of the building.
People have until 18 December to comment.
The statement can be viewed on the Inland Revenue website www.ird.govt.nz
For further information:
Saskia van Rijn
(04) 890 1743
(029) 890 1743
saskia.vanrijn@ird.govt.nz
Catherine Delore
(04) 890 1698
(029) 890 1698
catherine.delore@ird.govt.nz
Other media releases this year
- Structured finance cases settled
- Inland Revenue warns of party plan pitfalls
- Tax fraudster breached worker trust
- High wealth individuals pay an extra $81 million
- Lower Hutt man sentenced for tax evasion
- Two jailed for multi-million dollar tax fraud
- High Court ruling on Westpac case
- Christchurch man jailed for GST fraud
- Tsunami donations tax credits
- Former Queenstown man jailed on tax evasion charges
- Jail for $5 million tax fraud
- Tiler jailed for $1.6 million tax evasion
- Online service makes tax refunds easier
- Inland Revenue welcomes High Court decision
- Auckland property consultant jailed for tax fraud
- Te Kuiti accountant jailed for 12 months for tax evasion
- Property developer sentenced for GST fraud
- Wellington man sentenced for tax fraud
- Man jailed for GST fraud
- Helping you get it right
- Last day for tax returns fast approaching
- Auckland man sentenced on GST fraud charges
- GST fraudster convicted again
- New Plymouth woman jailed for fraud
- Christchurch man sentenced on tax offences
- Extradited tax fraudster sentenced to home detention
- Jail for multimillion dollar tax fraud
- Thousands of people eligible for unclaimed millions
- Inland Revenue appeals High Court decision
- Inland Revenue considers voluntary redundancies
- Talk to us, says Commissioner of Inland Revenue
- Apply now for the provisional tax ratio option
- Keep IRD numbers confidential
- Wellington accountant sentenced on tax fraud charges
- Avoid unexpected GST bills on apartment sales
- Nelson man jailed for tax evasion
- Stay informed about KiwiSaver changes
- Tax payment date fast approaching
- Former tax agent employee sentenced for fraud
Corporate Affairs
Inland Revenue
To make a media query:
Phone 04 890 1698 or email mediaqueries@ird.govt.nz
Please note, the email address is only for enquiries from the news media. It is monitored during normal business hours 8am - 5pm Monday to Friday.
P O Box 2198
Wellington 6140
New Zealand
Date published: 17 Nov 2009
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