Section EZ 15 — Income Tax Act 2007: Annual rate for excluded depreciable property: 1992–93 tax year

EZ 15 Annual rate for excluded depreciable property: 1992–93 tax year What this section is about (1) This section is about the annual rate that applies to an item of excluded depreciable property. Rate (2) The rate is the section 108 rate, without adding the section 108A rate or the other sections rate. The rates referred to in this subsection are described in subsections (3) to (5). Section 108 rate (3) Section 108 rate means the rate of depreciation that the Commissioner allowed persons with a standard balance date to use for the 1992–93 tax year to calculate a deduction for depreciation under section 108 of the Income Tax Act 1976, as in force for the 1992–93 tax year, for property of the same kind as the item. Section 108A rate (4) Section 108A rate means the rate of additional deduction under section 108A of the Income Tax Act 1976, as in force for the 1992–93 tax year, for which the item was eligible for the 1992–93 tax year. Other sections rate (5) Other sections rate means a rate of additional or supplementary deduction under section 113A or any other provision of the Income Tax Act 1976 for which the item was eligible for the 1992–93 tax year. Amount of depreciation loss under any other provision (6) If a person has an additional amount of depreciation loss for an income year for an item of excluded depreciable property under section EZ 16 or EZ 17 or any other provision of this Act,— (a) the rate applicable to the item under subsection (2) may be adjusted to incorporate the additional amount of depreciation loss in a manner prescribed or allowed by the Commissioner; and (b) when an adjusted rate is applied to the item, the person does not have a separate amount of depreciation loss for the item under section EZ 16 or EZ 17 or the other provision. Changing rate (7) A person applying the rate in subsection (2) has the following choices: (a) if the rate is a diminishing value rate, the person may instead use the straight-line rate by— (i) rounding the diminishing value rate to the nearest rate specified in schedule 10 , column 1 (Straight-line equivalents of diminishing value rates of depreciation); and (ii) taking the equivalent straight-line rate specified in column 2 of the schedule; or (b) if the rate is a straight-line rate, the person may instead use the diminishing value rate by— (i) rounding the straight-line rate to the nearest rate specified in schedule 10 , column 2; and (ii) taking the equivalent diminishing value rate specified in column 1 of the schedule. Defined in this Act: annual rate , Commissioner , depreciation loss , diminishing value rate , excluded depreciable property , prescribed , standard balance date , straight-line rate , tax year , Compare: 2004 No 35 s EZ 14