SearchReplacing oven
Shane asks:
(updated on Friday, June 07th 2013)
I had a chattels valuation done some years ago and have been claiming each year. I have just had a oven blow, it can't be fixed. I have replaced the oven with a similar but more modern one. The old oven still has a book value for just oven $200. How do I treat this at tax time?
Our Experts Answer:
The old oven would be disposed of at zero ralue leaving you with a deductible loss on disposal of its residual book value. For consistency, you would then look to capitalise the replacement oven and begin depreciating this afresh.
Most Read
| Unity First Home Buyer special | 3.95 |
| SBS FirstHome Combo | 3.99 |
| TSB Special | 4.49 |
| ICBC | 4.49 |
| Co-operative Bank - First Home Special | 4.49 |
| Unity Special | 4.49 |
| Kiwibank Special | 4.49 |
| SBS Bank Special | 4.49 |
| BNZ - Std | 4.59 |
| Co-operative Bank - Owner Occ | 4.59 |
| Kainga Ora | 4.59 |
| Unity Special | 4.89 |
| ICBC | 4.89 |
| BNZ - Std | 4.89 |
| Kiwibank Special | 4.89 |
| Kainga Ora | 4.95 |
| China Construction Bank | 4.95 |
| TSB Special | 5.09 |
| ASB Bank | 5.09 |
| SBS Bank Special | 5.09 |
| Nelson Building Society | 5.09 |
| AIA - Go Home Loans | 5.09 |
| Westpac Special | 5.59 |
| ICBC | 5.65 |
| Kainga Ora | 5.69 |
| TSB Special | 5.69 |
| SBS Bank Special | 5.69 |
| AIA - Go Home Loans | 5.69 |
| ASB Bank | 5.69 |
| BNZ - Std | 5.79 |
| Kiwibank Special | 5.79 |
| Co-operative Bank - Owner Occ | 5.89 |
| China Construction Bank | 5.99 |
| SBS FirstHome Combo | 3.29 |
| AIA - Back My Build | 3.34 |
| SBS Construction lending for FHB | 3.74 |
| CFML 321 Loans | 3.95 |
| Co-operative Bank - Owner Occ | 4.99 |
| Co-operative Bank - Standard | 4.99 |
| Heartland Bank - Online | 5.30 |
| ICBC | 5.39 |
| Kiwibank - Offset | 5.65 |
| Kiwibank Special | 5.65 |
| Kiwibank | 5.65 |
