Section EE 32 — Income Tax Act 2007: Election in relation to certain depreciable property acquired on or after 1 April 2005

EE 32 Election in relation to certain depreciable property acquired on or after 1 April 2005 When this section applies (1) This section applies when a person acquired an item of depreciable property that is not a building— (a) on or after 1 April 2005; and (b) before the commencement of the person’s income year corresponding to the 2006–07 tax year. Election to use economic depreciation rate determined under section EZ 23 (2) The person may choose to calculate the depreciation loss for the item of depreciable property for income years corresponding to the 2005–06 tax year and later tax years in accordance with the economic depreciation rate determined for the kind of item under section EZ 23 (Economic rate for plant or equipment acquired before 1 April 2005 and buildings acquired before 19 May 2005). Election to be made in return of income (3) The person must make an election under subsection (2) in the person’s return of income for the 2005–06 tax year. Defined in this Act: building , depreciable property , depreciation loss , economic depreciation rate , income year , return of income , tax year , Compare: 2004 No 35 s EE 26B Section EE 32 list of defined terms building : inserted (with effect on 30 July 2009), on 28 May 2010, by section 84 of the Taxation (Budget Measures) Act 2010 (2010 No 27).