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)
|
20% Loading*
|
|
Buildings (useful life greater than 50 years)
|
0%
|
N/A
|
|
Building (useful life less than 50 years, acquired before 31/3/2011)
|
3%
|
N/A
|
|
Commercial Building
|
2%
|
N/A
|
|
Computer (acquired after 01/04/05)
|
50%
|
60%
|
|
Office Furniture
|
16%
|
19.2%
|
|
Vehicle
|
30%
|
36%
|
*Depreciation loading only applies to qualifying assets purchased on or before 20 May 2010.
Low value assets ($500 or less excluding GST) can be written off. ($200 or less excluding GST before 19/05/05).
Between 17 March 2020 and 17 March 2021 Low value assets up to ($5,000 or less excluding GST can be written off).
From 17 March 2021 Low value assets apply up to ($1,000 or less excluding GST).
Low value assets ($500 or less excluding GST) can be written off. ($200 or less excluding GST before 19/05/05).
Between 17 March 2020 and 17 March 2021 Low value assets up to ($5,000 or less excluding GST can be written off).
From 17 March 2021 Low value assets apply up to ($1,000 or less excluding GST).
