Section EE 64 — Income Tax Act 2007: Meaning of excluded depreciable property

EE 64 Meaning of excluded depreciable property Meaning (1) Excluded depreciable property means, for a person,— (a) depreciable property for whose purchase or construction the person entered into a binding contract before 16 December 1991; or (b) 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 (c) depreciable property that is an intangible item that the person used or had available for use before 1 April 1993; or (d) depreciable property that is or has been a qualifying asset for the person; or (e) depreciable property to the extent to which it is or has been a qualifying improvement for the person. Exclusion (2) Excluded depreciable property does not include property to which both the following apply: (a) it existed at the end of the 1992–93 income year; and (b) 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. Another exclusion (3) Excluded depreciable property does not include special excluded depreciable property. Defined in this Act: Commissioner , depreciable property , excluded depreciable property , income year , New Zealand , property , qualifying improvement , qualifying asset , special excluded depreciable property , trading stock Compare: 2004 No 35 s EE 55 Section EE 64(3) heading: added, on 1 April 2011 (applying for the 2011–12 and later income years), by section 82(1) of the Taxation (Budget Measures) Act 2010 (2010 No 27). Section EE 64(3): added, on 1 April 2011 (applying for the 2011–12 and later income years), by section 82(1) of the Taxation (Budget Measures) Act 2010 (2010 No 27). Section EE 64 list of defined terms special excluded depreciable property : inserted, on 1 April 2011 (applying for the 2011–12 and later income years), by section 82(2) of the Taxation (Budget Measures) Act 2010 (2010 No 27).