Thursday, 27 October 2016

Originally posted on Facebook Financial Planning Tip - Oct 27, 2015 - 004 (applies to Trinidad and Tobago) Wear and Tear on Assets acquired for use in the production of Income.

Here is a list of the rates which can be used with respect to calculating wear and tear on assets which have been used in the generation of Income:…/IRDLegislati…/WEAR_TEAR_SCHEDULE.pdf

The assets are listed in four classes A, B, C, D, with classes A, B and C being applicable to almost everyone who is on Facebook, after all who owns aircraft either new or second hand and is on Facebook!

The list covers assets such as coolers in Class B ( 25 % wear and tear (reducing balance)); computers in Class C 33.3% ( same concept for calculating wear and tear).

Boats are in class B, remember there may be restrictions on the amount of wear and tear which may be claimed on this asset, so consult your tax practitioner or financial planner for advice as to your situation!

Please remember to collect the invoice and the receipt on making the payment to the tax practitioner for the advice which has been provided as they too have taxes to pay

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