Determinations: Depreciation determinations

Child restraints (capsules and car seats) for hire DEP61
Depreciation Determination DEP61

In Tax Information Bulletin, Volume 19, No. 4 (May 2007) on page 4, we advised that a draft general depreciation determination proposing the setting of a general depreciation rate for "Rental car seats" was available for comment. The one submission we received on the draft agreed with the rates we proposed.

The Commissioner has now issued the determination. It is reproduced below and may be cited as "Determination DEP61: Tax Depreciation Rates Determination General Determination No. 61". The determination inserts a new asset class "Child restraints (capsules and car seats) for hire" into the "Transportation" asset category. It is based on an estimated useful life (EUL) for the assets of 5 years.

This determination may be cited as "Determination DEP61: Tax Depreciation Rates General Determination Number 61"

1. Application
   
   This determination applies to taxpayers who own assets in the "Transportation" asset category that are in the asset classes set out below.
   
   This determination applies to "depreciable property" other than "excluded depreciable property" for the 2005-06 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 "Transportation" asset category, the general 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
   General 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 (%)
   Child restraints (capsules and car seats) for hire	5	33	24	40	30

   
   
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 19th day of June 2007.

Susan Price
(Senior Tax Counsel)

Other pages in: Depreciation determinations

• General Depreciation Determination DEP80: Residential Rental Property Chattels
• Determination DEP79: Remedial matters relating to the depreciation of buildings Depreciation Determination Number 79
• Determination DEP78: Tax Depreciation Rates General Determination Number 78
• Determination PROV21: Tax Depreciation Rates Provisional Determination PROV21
• Determination DEP77: Motor vehicles rented for short-term periods of 1 month or less Depreciation Determination Number 77
• Determination DEP76: Tax Depreciation Rates General Determination Number 76
• Determination DEP75: Tax Depreciation Rates General Determination Number 75
• Determination PROV20: Tax Depreciation Rates Provisional Determination Number PROV20
• Determination DEP 73: Tax Depreciation Rates General Determination Number 73
• Determination DEP74: Tax Depreciation Rates General Determination Number 74
• Determination PROV19: Tax Depreciation Rates Provisional Determination PROV19
• Determination DEP 72: Tax Depreciation Rates General Determination Number 72
• Determination DEP 71: Tax Depreciation Rates General Determination Number 71
• Expense items in the Table of Depreciation Rates
• The Commissioner's Table of Depreciation Rates
• General Depreciation Determination DEP70
• General Depreciation Determination DEP69
• General Depreciation Determination DEP68
• Determination DEP66: Tax Depreciation Rates General Determination Number 66
• Tax Depreciation Rates General Determination Number 67
• Determination Prov18: Tax depreciation rates provisional determination number 18
• Tax Depreciation Rates General Determination Number 65
• Tax Depreciation Rates General Determination Number 64
• Draft general depreciation determination - exposure draft DDG0112
• Tax Depreciation Rates General Determination Number 63
• Buildings and structures DEP62
• Determination Prov17: Tax depreciation rates provisional determination number 17
• Tax Depreciation Rates General Depreciation Determination DEP60
• Provisional Depreciation Determination PROV16
• Provisional Depreciation Determination PROV15
• Provisional Depreciation Determination PROV14
• Provisional Depreciation Determination PROV13
• General depreciation determinations DEP55 to DEP59
• General Depreciation Determination DEP54

Date published: 25 Jun 2007

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