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  • Special depreciation rates for certain items of plant acquired before 11.45am on 21 September 1999 or by certain small business taxpayers



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

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    Employees' amenities

    A special minimum rate of 33 per cent prime cost or 50 per cent diminishing value apply to employees' amenities.

    Employees' amenities means property used mainly to provide clothing cupboards, first aid, rest rooms, recreational facilities, cafeteria and the like for employees or for the care of the children of employees.

    Works of art

    Works of art that are originals or reproductions are items of plant-for example, paintings, sculptures, drawings, engravings and photographs.

    Diminishing value depreciation rates for these items are worked out by dividing 1.8 by the effective life and multiplying your answer by 100. The prime cost rate is two-thirds of that rate, rounded to the nearest whole number. For example, a painting with an effective life of 100 years would have a diminishing value rate of 1.8 per cent and a prime cost rate of 1.2 per cent. However, the prime cost rate for an artwork with an effective life of fewer than 3 years is 100 per cent-that is, you can deduct the full cost immediately.

    Last modified: 13 Feb 2020QC 27380