For the purpose of this Schedule, the term depreciation includes amortisation . companies under section 133 the useful life of an asset shall not normally be different (ii) Furniture and fittings used in hotels, restaurants and boarding houses,. Depreciation is calculated by considering useful life of asset, cost and residual value. (b) Furniture and fittings used in hotels, restaurants and boarding Feb 18, 2019 - Factors involved in determining the useful life of a tangible asset include . estimate the period of time over which depreciation of the asset may occur. . useful lifespan of seven years include office furniture and other fixtures. Learn more about useful life and depreciation including fixed asset depreciation & accounting and the estimated useful life of assets. Depreciation Recovery Periods for Business Equipment . Cost of the fixed asset: What you paid for the equipment, furniture, structure, vehicle, or other asset. May 24, 2019 - For example, office furniture belongs to the Office Furniture, Fixtures, and Equipment asset class, which assigns a useful life of 7 or 10 years, depending on the depreciation method used. An car would belong to the Automobiles, Taxis business class with a useful life of 5 years, and so on. Asset class, Description of assets included, Class Life (in years), General Depreciation System, Alternative Depreciation System. 00.11, Office Furniture, Fixtures, . Jun 3, 2019 - Calculating furniture depreciation does not have to be difficult, and new . The taxes are then calculated over the life of the furniture based on . The useful life of an asset is the period over which an asset is expected to be . For the purpose of this Schedule, the term depreciation includes amortisation. (ii) Furniture and fittings used in hotels, restaurants and boarding houses, schools . tax depreciation lives, qualifying and non-qualifying assets, availability of depreciated over the life of the asset. Includes furniture and fittings attached.