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Depreciation and tax life of a dragline bucket?

Posted 18 September 2013 under Tax Q&A


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What is the deduction Interpretation Note 47 for a Dragline Bucket?

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TaxTim TaxTim says:
18 September 2013 at 20:02

What is a dragline bucket?

Thato says:
18 September 2013 at 20:06

It is a bucket used on a dragline machine, which removes overburden(ground) on top of coal, in open cast mining.

TaxTim TaxTim says:
18 September 2013 at 20:37

Please have a look How to calculate Wear and Tear to see if your item and which category it may fit into and the system will calculate the depreciation accordingly.

Thato says:
18 September 2013 at 20:40

I have, and the item is not included.

TaxTim TaxTim says:
18 September 2013 at 20:51

We will have to get back to you about this as it would fall under mining equipment which is a specialised area of tax.

Thato says:
19 September 2013 at 9:38

Thank you, I would really appreciate that. How long would I have to wait?
Here's further information to help you: one buckets costs R 5 600 000.00

TaxTim TaxTim says:
19 September 2013 at 17:51

If the mine came into operation between 1973 -1990 then 10% per annum, if after 1990 then 12% per annum.


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