WebTier One rates can be used for the first 14,000 kilometres of travel (this threshold includes both business and private use), while Tier Two rates are used for travel beyond the first 14,000 kilometres. The Tier One rates have increased from 79 cents in the 2024 income year to reflect an overall increase in vehicle running costs. WebJun 8, 2024 · The rates have come down because of lower fuel costs experienced because of Covid-19 and reduced interest and maintenance costs. The IR kilometre rates are …
Kilometre rates for the business use of vehicles for the ... - ird.govt.nz
WebKilometre rates for the business use of vehicles for the 2024 income year The table of rates for the 2024/2024 income year for motor vehicle expenditure claims. Tax Information Bulletin Vol 33 No 6 - July 2024 In accordance with s DE 12 (4) the Commissioner is required to set and publish kilometre rates. WebUse the Inland Revenue kilometre rates. These rates are based on the average cost to run a motor ... • total mileage for the year ... rent at 80% or more of market rates. ird.govt.nz 61. Interest limitation rules and mixed-use asset rules greek word for astonish
Kilometre rates for the 2024-2024 income year - ird.govt.nz
WebMileage reimbursement rates – what you need to know Snapshot of recent developments Get in touch Andrea Scatchard Partner - Tax [email protected] +64 7 838 4808 I … WebFor the age and mileage of this vehicle you may be better to use the IRD mileage reimbursement rate which is currently 74 cents per kilometre, for up to 5,000 km of work-related travel per year. For distances greater than 5,000 km, you must keep a record of actual vehicle expenses. WebIRD mileage reimbursement rates in New Zealand Lower mileage rate announced Lower mileage rate announced New Zealand's Inland Revenue (IR) has just released its vehicle kilometre (km) rates for the 2024 income year, and it’s not good news, particularly for employers who will need to quickly update mileage reimbursement systems for the new … greek word for afterlife