Depreciable assets include plant and machinery of all kinds, depending on the sector of business in which the taxpayer is engaged, including the following:
- articles, machinery, tools and rolling stock;
- working animals;
- fences, dams and other structural improvements on farm land;
- forestry-related structural improvements; and
- plumbing fixtures and fittings in employee amenities.
However, depreciable assets exclude:
- land (but not including improvements made to the land or fixtures attached to the land);
- trading stock; and
- items for which special deductions are otherwise provided under other provisions of the tax law (e.g. trading stock and building construction).
Intangible assets are generally not depreciable, subject to exceptions for specific types of intangible assets, such as in-house software, items of intellectual property, mining and prospecting rights and goodwill (see below).