Tax Facts > Depreciation Allowances
 At Wood Walton we are recognised by our clients as the preferred supplier of chartered accounting services and by our staff as an enjoyable and excellent environment in which to work  Read our testimonials
|
Depreciation AllowancesFast Facts Recent Depreciation ChangesDepreciation rate of buildings The rate of depreciation for buildings with an estimated useful life of 50 years or more, such as rental housing and office buildings - will reduce to 0% from the 2011/2012 income year. For entities with a 31 March balance date, this will apply from 1 April 2011. Depreciation loading for assets Qualifying assets purchased or with binding contracts for purchase, entered into on or before 20 May 2010 can continue to use the economic depreciation rate with the 20% loading. Specifically, the item had to be acquired or have a binding contract in place for its purchase or construction on or before 20 May 2010 for loading to still apply. A new rule is proposed that will allow depreciable property to have the 20% loading applied where there was an intention to purchase or construct the item, or the taxpayer had actually started purchasing or constructing the item, on or before 20 May 2010. Wood Walton has more information to assist you so please Contact us. |