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Guide to depreciating assets 2008-09

 
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Warning: This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

Who can claim deductions for the decline in value of a depreciating asset?

Only the holder of a depreciating asset can claim a deduction for its decline in value.

In most cases, the legal owner of a depreciating asset will be its holder.

There may be more than one holder of a depreciating asset - for example, joint legal owners of a depreciating asset are all holders of that asset. Each person's interest in the asset is treated as a depreciating asset. Each person works out their deduction for decline in value based on their interest in the asset - for example, based on the cost of the interest to them, not the cost of the asset itself - and according to their use of the asset.

In certain circumstances, the holder is not the legal owner. Some of these cases are discussed below.

If you are not sure whether you are the holder of a depreciating asset, contact your recognised tax adviser or the Tax Office.

Sections within Who can claim deductions for the decline in value of a depreciating asset?

Last Modified: Tuesday, 6 October 2009
 
Table of contents
Copies of this publication
What's new - Small business and general business tax break
About this guide
Abbreviations used in this publication
Carbon sink forests
Deductions for the cost of depreciating assets
The uniform capital allowance system
What is a depreciating asset?
Who can claim deductions for the decline in value of a depreciating asset?
Working out decline in value
Immediate deduction (for certain non-business depreciating assets costing $300 or less)
Effective life
The cost of a depreciating asset
What happens if you no longer hold or use a depreciating asset?
Low-value pools
In-house software
Common-rate pools
Primary production depreciating assets
Capital expenditure deductible under the UCA
Small business entities
Record keeping
Completing the Capital allowances schedule 2009
Definitions
Guidelines for using the depreciating assets worksheet
Guidelines for using the low-value pool worksheet
More information
How self-assessment affects you
Give us your feedback
 
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