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EZ 27: Meaning of qualifying improvement
or “What qualifies as an improvement to an item for tax purposes”
You could also call this:

“Assets eligible for depreciation deductions, excluding buildings and some cars”

A qualifying asset is something you own that you can claim a depreciation deduction for under the Income Tax Act 1976. There are two types of qualifying assets:

  1. A new asset that isn’t a building.

  2. A New Zealand-new asset that isn’t a building or a car.

Both of these types of assets must be ones that you own in an income year and can claim a depreciation deduction for in that same year. Remember, buildings are never considered qualifying assets, and cars can’t be qualifying assets if they’re New Zealand-new.

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Next up: EZ 29: Private insurers under Accident Insurance Act 1998

or “Rules for accident insurance companies' tax reserves”
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Part E Timing and quantifying rules
Terminating provisions: Definitions

EZ 28Meaning of qualifying asset

  1. Qualifying asset means—

  2. a new asset, other than a building, that a person owns in an income year and for which they are allowed a deduction for depreciation under the Income Tax Act 1976 for the income year; or
    1. a New Zealand-new asset, other than a building or a car, that a person owns in an income year and for which they are allowed a deduction for depreciation under the Income Tax Act 1976 for the income year.

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