WebThe claim will be limited to 25% of the vehicle running costs as a business expense. However, you may be asked to substantiate the percentage claimed. Before the 2024 income year, if the kilometre rates are used, the claim will be limited to 5,000 kilometres. Car parking costs are treated the same as other vehicle expenses – deductible to the ... WebKilometre rates for business use of vehicles You can use kilometre rates to work out allowable expenses for business of a vehicle. Use the rates for the year you’re claiming. If …
Allowances (Travel and Mileage) - scchamber.org.nz
WebThe table of rates for the 2024-2024 income year. The Tier 1 rate is a combination of your vehicle's fixed and running costs. Use it for the business portion of the first 14,000 … WebMar 17, 2024 · Keep a log book over a 90-day period, of your vehicle’s mileage for private use and for business use. Estimate what proportion of the use is for business purposes. Then use Inland Revenue’s table of kilometre rates. This table gives you the rates for petrol or diesel, petrol hybrid, and electric vehicle; as well as rates for the first 14 ... time out suite chris brubeck
2024 Mileage rates published Tax Alert - Deloitte New …
WebCurrently there are four individual tax rates in New Zealand using a progressive system; this will become the fifth. Current tax rates in New Zealand are: Income up to $14,000 - 10.5% Income over $14,000 up to $48,000 -17.5% Income over $48,000 up to $70,000 - 30% Income over $70,000 - 33% What you need to know: WebThe tier-one rate covers a vehicle’s fixed and running costs. This applies to the business portion of the first 14,000 km of a vehicle’s travel across the financial year. The tier-two rate covers running costs for business travel beyond the first 14,000 km. The IRD publishes kilometre rates after the tax year ends, usually by May. The below ... WebMar 13, 2024 · * Mileage rate change may increase tax obligations On Friday, prices at Waitomo petrol stations jumped by 17 cents to around $2.87 a litre for 91, and diesel soared up 30 cents to $2.26 a litre. timeout subscription