This note is not part of the order, but is intended to indicate its general effect.
This order, which comes into force on 1 July 2015, applies for the 2015–16 income year and later income years.
The order increases the sum specified in section EE 65(1)(a) of the Income Tax Act 2007 (which relates to the maximum pooling value) from $2,000 to $5,000. The increase will allow taxpayers to group more valuable assets together using the pooling method to calculate depreciation of fixed assets when deducting expenditure incurred in the derivation of taxable income.
Date of notification in Gazette: 4 June 2015.
This order is administered by the Inland Revenue Department.