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Te hekenga wāriu Depreciation

Income tax
Income tax
  • Income tax for businesses and organisations
    • Types of business expenses
      • Depreciation
        • Claiming depreciation
        • Managing depreciation
        • Capital contributions
      • Entertainment expenses
      • Environmental expenses
      • Home office expenses
      • Meal expenses
      • Mixed-use assets
      • Vehicle expenses

Income tax Dates

  • MAR 28
    AIM instalments are due if you file GST monthly and have a March balance date.
  • MAR 31
    Final date for ratio option provisional tax applications.
  • APR 7
    End-of-year income tax and Working for Families bills are due if you have an extension of time to file your income tax return.
  • All Income tax dates

Assets lose value over time as they get older. This loss of value is called depreciation. Businesses claim depreciation loss as a deduction expense each tax year.

You can claim a deduction for depreciation loss on capital assets. You can do this for those you own, lease or buy under a hire purchase agreement and use, or intend to use, in your business.

Revenue or capital expenses

Most businesses have both revenue and capital expenses:

  • Revenue expenses are generally items used in the day to day running of a business. They can be for things like stationery, rent and power. You can deduct these expenses in tax returns.
  • Capital expenses are for capital assets kept for longer than a year. These expenses can include computers, vehicles and machinery. You only claim depreciation loss on capital assets.

Deciding not to depreciate

Generally, businesses must claim depreciation on their capital assets. There may be assets you decide not to depreciate.

You need to tell us when you decide not to depreciate an asset.

Depreciation - a guide for businesses IR260 2022 (PDF 595KB) Download form
2020 IR260 (PDF 288KB) Download guide 2019 IR260 (PDF 286KB) Download guide
General depreciation rates IR265 Oct 2022 (PDF 693KB) Download guide
Aug 2022 IR265 (PDF 423KB) Download guide Jan 2022 IR265 (PDF 376KB) Download guide 2021 IR265 (PDF 376KB) Download guide 2020 IR265 (PDF 216KB) Download guide 2019 IR265 (PDF 255KB) Download guide
Historic depreciation rates - For assets acquired before 1 April 2005 IR267 2010 (PDF 322KB) Download guide

Pages in this section
  • Claiming depreciation You must claim depreciation on assets your business keeps for more than a year.
  • Managing depreciation You need to keep details of business assets and their depreciated value for at least 7 years.
  • Capital contributions Capital contributions compensate a business for money they've paid towards buying or improving assets.

Roles

  • Companies
  • Māori authorities
  • Partnerships
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Last updated: 26 Jul 2021
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