Depreciation Allowances
Economic rates apply to the purchase of assets. There is an option to use either straight line or diminishing value for all assets. The following assets are examples only.
Economic rates
|
Assets
|
Economic Rate (DV)
|
|
Buildings (useful life greater than 50 years)
|
0%
|
|
Building (useful life less than 50 years, acquired before 31/3/2011)
|
3%
|
|
Commercial Building
|
2%
|
|
Computer (acquired after 01/04/05)
|
50%
|
|
Office Furniture
|
16%
|
|
Vehicle
|
30%
|
From 17 March 2021 Low value assets of $1,000 or less excluding GST can be expensed in the year of acquisition.
Between 17 March 2020 and 17 March 2021 Low value assets of $5,000 or less excluding GST can be written off.
Prior to 17 March 2020 Low value assets of $500 or less excluding GST could be written off.
Between 17 March 2020 and 17 March 2021 Low value assets of $5,000 or less excluding GST can be written off.
Prior to 17 March 2020 Low value assets of $500 or less excluding GST could be written off.
