Section EZ 17 — Income Tax Act 2007: Additional amount of depreciation loss: between 16 December 1991 and 1 April 1994

EZ 17 Additional amount of depreciation loss: between 16 December 1991 and 1 April 1994 When this section applies (1) This section applies when a person incurs expenditure of the kind described in subsection (2) in— (a) the acquisition or installation of a qualifying asset; or (b) the making of a qualifying improvement to an item the person owns. Expenditure described (2) The expenditure is expenditure of a capital nature, excluding any amount of input tax applying to the supply of the qualifying asset or qualifying improvement to the person. Additional amount of depreciation loss (3) The person has an amount of depreciation loss for the asset or item under this section in addition to any amount of depreciation loss they have for it under subpart EE (Depreciation) and section EZ 16 . This subsection is overridden by section EE 48(2) (Effect of disposal or event). Amount (4) The additional amount of depreciation loss for an income year is 25% of the lesser of— (a) the amount of depreciation loss that the person has under subpart EE and section EZ 16 for the asset or item and for the income year; and (b) the amount of depreciation loss that the person would have had under subpart EE and section EZ 16 for the asset or item and the income year had its value been equal to its qualifying capital value. Defined in this Act: acquire , amount , depreciation loss , income year , qualifying capital value , qualifying asset , qualifying improvement , Compare: 2004 No 35 s EZ 16