SearchAre chattel valuations worthwhile under the IRD's depreciation regime?
Wrriley asks:
(updated on Thursday, September 20th 2007)
Our Experts Answer:
IRD have indeed finalised their review of the depreciation regime which you can check out at www.ird.govt.nz. In my opinion, it is still worthwhile getting a chattel valuation. The cost of the valuation should still be less than the extra value received from the additional depreciation. And, if you conduct any repairs and maintenance that result in having to remove an item (such as a hot water cylinder), then if there is any cost left to depreciate, you are able to write that cost off immediately as it has been broken out from the total purchase price and depreciated separately.
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Kenina Court is a director of Acorn Solutions Limited, an accounting firm dedicated to working with clients to help them create wealth. She is an avid property investor, entrepreneur and seminar presenter on asset protection and wealth strategies.
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