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NZ CA is an association of independent Chartered Accounting firms, proactively working together for the benefit of our clients.

New rules for mileage

Published in: TrialBalance | #63

If you are in the habit of claiming your vehicle running expenses based on your mileage, you will need to know the new rules. The 5000 kilometre limit has been abolished. Instead, you look at your first 14,000km of total running. This is called tier 1 and the mileage rate is higher than it is for tier 2. You calculate the business proportion of that first 14,000km. Shall we say that is 20%, which amounts to 2800km. Next, you work out the rest of the total mileage. This is called tier 2. Shall we say you did 29,378km in the year. This means the rest of the mileage is 15,378km and your 20% would be 3076km. The rates have not yet been announced and they will vary according to the type of vehicle you have, be it petrol, hybrid, electrical or diesel. You should make a point of telling us which source of energy you are using. As you can see, you really need to know the total number of kilometres you travel every year. Make a diary note to have a look at your odometer at the end of the day on the last day of your financial year. If you sell your vehicle, note the final speedo reading on the old car and the starting figure on the new car. Similarly, note the reading on the new car.

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