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Depreciation is calculated using IRD approved rates. The additional depreciation loading of 20% on new assets has been removed for assets acquired from 21 May 2010.

Either the straight line or diminishing value method can be used.

Low value assets (costing $500 or less, GST exclusive) can generally be written off in the year acquired.

From the 2011/12 financial year, no depreciation can be claimed on buildings with a useful economic life of 50 years or more.

To learn more with the Depreciation Guide

Look up deprecation rates on the IRD website with the Depreciation Rate Finder 

Find out what you need to know about depreciation if you’re in business for yourself by watching the helpful video clip below.