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Income Tax Act 2007

Timing and quantifying rules - Depreciation - Definitions

EE 64: Meaning of excluded depreciable property

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"What is excluded depreciable property in the Income Tax Act?"

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You need to know what excluded depreciable property means. Excluded depreciable property is property that you acquired or built before 16 December 1991. It also includes property you used before 1 April 1993. You can also have excluded depreciable property if you used it before 1 April 1993, or if it is an intangible item you used before that date. Excluded depreciable property can be a qualifying asset or a qualifying improvement for you. But it does not include property that existed at the end of the 1992-93 income year and was accounted for using a special method. Excluded depreciable property does not include special excluded depreciable property. For more information, you can look at the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 or the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Act 2024. These laws can help you understand what excluded depreciable property is and how it applies to you.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1514731.

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Topics:
Money and consumer rights > Taxes
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EE 63: Meaning of estimated useful life, or

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"Highest value allowed for pooling depreciable property"

Part ETiming and quantifying rules
Depreciation: Definitions

EE 64Meaning of excluded depreciable property

  1. Excluded depreciable property means, for a person,—

  2. depreciable property for whose acquisition or construction the person entered into a binding contract before 16 December 1991; or
    1. depreciable property that the person used or had available for use for any purpose whatever within New Zealand, other than as trading stock, before 1 April 1993; or
      1. depreciable property that is an intangible item that the person used or had available for use before 1 April 1993; or
        1. depreciable property that is or has been a qualifying asset for the person; or
          1. depreciable property to the extent to which it is or has been a qualifying improvement for the person.

            1. Excluded depreciable property does not include property to which both the following apply:

            2. it existed at the end of the 1992–93 income year; and
              1. the Commissioner allowed it to be accounted for in that income year using the standard value method, the replacement value method, or the annual revaluation method.

                1. Excluded depreciable property does not include special excluded depreciable property.

                2. Repealed
                Compare
                Notes
                • Section EE 64(1)(a): amended (with effect on 1 April 2015 and applying for the 2015–16 and later income years), on , by section 242(1) of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).
                • Section EE 64(3) heading: inserted, on , by section 61(1) (and see section 61(3) for application) of the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Act 2024 (2024 No 11).
                • Section EE 64(3): inserted, on , by section 61(1) (and see section 61(3) for application) of the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Act 2024 (2024 No 11).
                • Section EE 64(3) heading: repealed, on , pursuant to section 11(1) (and see section 11(3) for application) of the COVID-19 Response (Taxation and Social Assistance Urgent Measures) Act 2020 (2020 No 8).
                • Section EE 64(3): repealed, on , by section 11(1) (and see section 11(3) for application) of the COVID-19 Response (Taxation and Social Assistance Urgent Measures) Act 2020 (2020 No 8).
                • Section EE 64 list of defined terms special excluded depreciable property: inserted, on , by section 61(2) (and see section 61(3) for application) of the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Act 2024 (2024 No 11).
                • Section EE 64 list of defined terms special excluded depreciable property: repealed, on , by section 11(2) (and see section 11(3) for application) of the COVID-19 Response (Taxation and Social Assistance Urgent Measures) Act 2020 (2020 No 8).