Rates of depreciation - Revision of rate of depreciation in Schedule XIV

Depreciation rate revision: revised rates apply to newly acquired assets and set transitional options for existing assets.

Revised rates of depreciation apply prospectively to assets acquired on or after the notification and to accounts closed on or after that date. For existing assets, W.D.V. users must apply revised W.D.V. rates to the written down value as at the end of the previous financial year. Straight Line Method users may either recompute the remaining period using revised rates and amortise the unamortised value, continue with old SLM rates for existing assets, or apply the revised SLM rates to original cost from the year of change.