Section EE 7 — Income Tax Act 2007: What is not depreciable property?

EE 7 What is not depreciable property? The following property is not depreciable property : (a) land, although buildings, fixtures, and the improvements listed in schedule 13 (Depreciable land improvements) are depreciable property if they are described by section EE 6(1) : (b) trading stock: (c) livestock to which subpart EB (Valuation of trading stock (including dealer’s livestock)) applies: (d) financial arrangements: (e) excepted financial arrangements: (f) property that will not decline in value, as far as its owner is concerned, because, when they dispose of it, they have a right to be compensated for any decline in its value: (g) property that its owner chooses, under section EE 8 , to treat as not depreciable: (h) property that its owner chooses, under section EE 38 , to deal with under that section: (i) property for whose cost a person other than the property’s owner is allowed a deduction: (j) property for whose cost a person is allowed a deduction under a provision of this Act outside this subpart or under a provision of an earlier Act, except for an asset to which section DU 6(4) (Depreciation) applies. Defined in this Act: building , deduction , depreciable property , dispose , excepted financial arrangement , financial arrangement , own , property , , trading stock Compare: 2004 No 35 s EE 7 Section EE 7 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).