Draft depreciation changes amended

A Supplementary Order Paper tabled today amends the taxation bill currently before Parliament to specify depreciation rates for some categories of assets that have high residual assets at the end of their useful lives. Using the method proposed in the bill would lead to an anomalous increase in depreciation rates for certain types of motor vehicles and domestic aircraft that have a relatively higher residual value. The change introduced today corrects the anomaly. For more information see the Supplementary Order Paper (courtesy of Legislation Direct).