New Asset definition narrows qualifying plant and machinery by excluding used equipment, office/residential installations, office appliances, vehicles, and fully expensed assets. New Asset is defined as new plant and machinery but excludes any plant or machinery previously used by another person, plant or machinery installed in office or residential accommodation (including guest-house style accommodation), office appliances including computers and software, vehicles, and any plant or machinery whose whole actual cost has been allowed as a deduction in computing business or professional income.