Section EE 33 — Income Tax Act 2007: Annual rate for fixed life intangible property

EE 33 Annual rate for fixed life intangible property What this section is about (1) This section is about the annual rate that applies to an item of fixed life intangible property, not including— (a) an item of excluded depreciable property for which a rate is set in section EZ 15 (Annual rate for excluded depreciable property: 1992–93 tax year): (b) a patent for which a rate is set in section EE 34 . Rate (2) The rate is the rate calculated using the formula— 1 legal life. Definition of item in formula (3) In the formula, legal life is,— (a) if section EE 19 applies, the item’s remaining legal life from the start of the income year in which a person incurs the additional costs referred to in that section: (b) if section EE 19 does not apply, the item’s remaining legal life from the time at which a person acquires it. How rate expressed (4) The rate given by the formula is expressed as a decimal and rounded to 2 decimal places, with numbers at the midpoint or greater being rounded up and other numbers being rounded down. Defined in this Act: acquire , annual rate , excluded depreciable property , fixed life intangible property , income year , legal life , Compare: 2004 No 35 s EE 27