Raymond Yeung Tax Consultant former Assessor of Inland Revenue Department 前稅局評稅主任楊輝洪

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Depreciation allowance - plant and machinery - the old system

Assets partly used for the trade:  Such assets are not pooled even after they became wholly used for trade.

An illustration showing how depreciation allowances are computed 

A trader bought a motor vehicle for $280,000 on 1 June 2001. 50% of the vehicle's usage is for his trade.  On 1 July 2003, he sold it for $60,000. He finalized accounts on 31 March. 

Year of assessment 2001/2002:

Initial allowance: $280,000 * 60% = $168,000 (50% allowable: $84,000)

Reducing balance: $280,000 - $168,000 = $112,000

Annual allowance: $112,000 * 30% = $33,600 (50% allowable: $16,800)

    Reducing balance: $112,000 - $33,600 = $78,400 

Year of assessment 2002/2003:

Annual allowance: $78,400 * 30% = $23,520 (50% allowable: $11,760)

    Reducing balance: $78,400 - $23,520 = $54,800 

Year of assessment 2003/2004:

Because sales proceeds $60,000 is greater than the reducing balance $54,800, balancing charge (a claw back of the excessive allowance) is assessable.

Balancing charge: $60,000 - $54,800 = $5,200 (50% assessable: $2,600).

 

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