Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

Income - Recoveries

CG 1: Amount of depreciation recovery income

You could also call this:

"Money from selling depreciated items counts as income"

If you have depreciation recovery income, it counts as part of your income. Depreciation recovery income is money you get back from selling something that you've claimed depreciation on before. When you receive this type of income, you need to include it when you're figuring out your total income.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1512830.

Topics:
Money and consumer rights > Taxes
Previous

CF 3: Withdrawals from foreign superannuation scheme, or

"Rules for taxing money taken out of overseas retirement funds"

Next

CG 2: Remitted amounts, or

"Explaining how forgiven debts become taxable income"

Part CIncome
Recoveries

CG 1Amount of depreciation recovery income

  1. An amount of depreciation recovery income that a person has is income of the person.

Compare