New Zealand Inland Revenue has issued a draft Interpretation Statement on claiming depreciation on buildings. Once finalized, this will replace Interpretation Statement (IS) 10/02 on the meaning of 'building' in the depreciation provisions. A summary of the draft statement is provided as follows:
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Summary
1. This Interpretation Statement provides guidance to building owners on when they can claim depreciation on buildings. Until 2011, building owners could claim depreciation on build…