✨ Accounting Policies
(h) Depreciation
Fixed assets are depreciated on the basis of valuation or cost price less estimated residual value on a straight line basis over their estimated useful life. Except for buildings and dams, no assets are deemed to have an economic life in excess of 25 years.
Rates used are:
Buildings 1 - 2.5%
Furniture and fittings 10%
Plant and equipment 2.5 - 15%
Network assets 4 - 5%
Computer equipment 20%
Dams 1%
(i) Taxation
The Company is subject to taxation under the Income Tax Act 1976.
Taxation is provided in the financial statements on the basis of the estimated taxation payable, after taking advantage of all available deductions and concessions.
(j) Goods and Services Tax
These accounts are prepared exclusive of GST except for accounts receivable and accounts payable which are GST inclusive.
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VUW Te Waharoa —
NZ Gazette 1996, No 142
NZLII —
NZ Gazette 1996, No 142
✨ LLM interpretation of page content
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Statement of Accounting Policies for Dunedin Electricity Ltd
(continued from previous page)
💰 Finance & RevenueDepreciation, Fixed Assets, Taxation, Goods and Services Tax, Financial Statements