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Immediately depreciating assets for investment boost policy (NZ)

The NZ government recently announced an initiative to allow businesses to instantly depreciate 20% of a newly purchased asset's value, in addition to standard depreciation. You cannot claim this investment boost depreciation for second-hand assets.

For more information on the policy, including examples, see Inland Revenue — New assets: Investment Boost.

Immediate depreciation in MYOB Greentree

The following steps explain how to take advantage of immediate depreciation in Greentree. We also recommend that you get independent advice on how to process and claim the investment boost.

  1. Add an asset on the FA Asset Master Maintenance form. Go to Data Entry > Fixed Assets > Asset Maintenance.
  2. On the Depreciation tab:
    1. Set up the depreciation rate applicable to the asset. 
    2. For the Taxation depreciation line, change the 1st year depreciation so that it represents 80% of the applicable depreciation rate.
  3. Enter a purchase on the FA Purchase Entry form with a tax and accounting value for the full value of the asset. Go to Data Entry > Fixed Assets > Purchases.
  4. Enter an adjustment on the FA Adjustment Entry form using a type of Depreciation and select a tax value only that represents 20% of the purchase cost. Go to Data Entry > Fixed Assets > Adjustments.
  5. Depreciate the asset on the FA Calculate Depreciation form using the standard process for calculating depreciation. Go to Process > Fixed Assets > Calculate Depreciation.