Mileage Rate Changes

Mileage rates picA mileage rate of 74 cents has been announced for the 2015 income year, which is down from the 77 cent rate applied to the 2014 income year. Although the Inland Revenue is not suggesting that taxpayers make adjustments if they have applied the previous 77 cent 2014 mileage rate in the 2015 income year, the 74 cent mileage rate should be used going forward for all reimbursements.

Mileage rates are regularly used by employers to reimburse staff for the use of their private vehicles for business purposes, and by self-employed people to calculate the deductible costs of business use for their motor vehicles. Please contact us if you have any questions regarding the application of mileage rates or other deductible expenses.

2017-12-05T13:09:50+00:00November 2nd, 2015|Accounting|