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Application for a deduction for an asset no longer used 就不再使用的资产申请抵扣

About this Guide

Complete this form to claim a deduction for the 2001/2002 income year (or earlier) for an asset that is no longer used and has not been disposed of. From the 2002/2003 income year, you are no longer required to apply for this deduction. You may deduct the remaining adjusted tax value of depreciable property if all of the conditions are met.

When to use this guide

You can claim a deduction for an asset that is no longer used but has not been disposed of if:

  • the asset is no longer used and is not intended to be used by the taxpayer or an associated person in deriving gross income, or in a business, and
  • the estimated cost of disposing of the asset will be more than any estimated proceeds from selling that asset, and
  • the asset is neither a building, nor an asset being depreciated using the pool method.

If you have physically disposed of your asset you do not need to make an application to claim a deduction. Gains and losses on sale or disposal are generally assessable or deductible in your end-of-year income tax return.

What you will need

  • Applicants details and IRD number
  • asset details
  • use of asset by your business
  • disposal of asset

The following fees apply:

  • an initial fee of $50 (payable with the application), and
  • a processing fee of $30 per hour (or part-hour) after the first two hours, for work by Inland Revenue staff.

All fees are GST-inclusive.

You may withdraw an application at any time but fees will be charged up to the day we receive your written notice of withdrawal.

Please print, sign and post the completed form to your nearest Inland Revenue office along with an initial application fee (cheque) for $50.00.

You may wish keep a copy of this form for your personal records.


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