What is UCA?
Capital allowance measures contain the rules for calculating the decline in value of depreciating assets. New provisions operate from 1 July 2001 and apply to depreciating assets acquired both before and after that date. The new provisions consolidate a range of former capital allowance measures.
From 1 July 2001, uniform capital allowance (UCA) rules apply to most depreciating assets, including those acquired before that date. The UCA system consolidates a range of former capital allowance provisions, including those relating to plant and equipment. It does this by providing a set of general rules that applies across a variety of depreciating assets and certain other expenditure. It maintains some concessional tax treatments such as those applying to primary production depreciating assets. It also introduces new deductions for certain types of capital expenditure that did not previously attract a deduction.
Taxpayers now calculate deductions for the decline in value of their depreciating assets using these rules. This means that if you were deducting amounts under one of the former capital allowance provisions that has been consolidated, you can calculate the decline in value under the UCA system. To see what capital allowances you can claim for your business contact Maitland Accountants today.
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