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Working out decline in value

Last updated 31 May 2005

From 1 July 2001, deductions for the decline in value of most depreciating assets, including those acquired before that date, are worked out under the UCA rules.

The UCA contains general rules for working out the decline in value of a depreciating asset and those rules are covered in this part of the guide. Transitional rules apply to depreciating assets held before 1 July 2001 so their decline in value can be worked out using these rules see Depreciating assets held before 1 July 2001.

The general rules do not apply to some depreciating assets. For these assets, the UCA provides specific rules for working out deductions, for example:

There are specific rules for working out deductions for depreciating assets used in carrying on research and development activities-see the Research and development tax concession schedule and instructions for more information.