Mileage Rate 2024 Ird Nz. Different vehicle types are entitled to different mileage rates. Use the tier 1 rate for the business portion of the first 14,000 kilometres travelled by the vehicle in a year.
The claim will be limited to 25% of the vehicle running costs as a business expense. Let’s take a deeper dive into each one:
These Rates Can Be Used To Calculate Expenditure Claims For The Business Use Of A Motor Vehicle.
After 14,000 km, the rates are $0.35 for diesel and petrol vehicles, $0.21 for hybrid vehicles, and $0.12 for electric vehicles.
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Use the tier 2 rate for the business portion of any travel over 14,000 kilometres in a year.
The Table Of Rates For The 2024 Income Year.
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Let’s Take A Deeper Dive Into Each One:
This includes private use travel.
Details Can Be Found On:
If your vehicle isn’t petrol, diesel, hybrid, or electric (???), then you must use the actual costs method.
Inland Revenue Has Advised The New Mileage Rate For Motor Vehicles Is 77 Cents Per Kilometre.