Mileage Rates for 2017

The IRD has announced that the mileage rate has reduced to 73 cents per kilometre for the 2017 income year. This applies to petrol, diesel and hybrid vehicles.

The rate for electric vehicles is 81 cents per kilometre.

This rate can be used when reimbursing employees for their work related travel (including shareholder employees). Note that home to work travel is not considered work related.

For Self Employed people this rate can be used for up to a maximum of 5,000 kms of work-related travel per year. If there will be more than 5,000 kms traveled, you must keep a record of the actual vehicle expenses incurred.

You do not have to use Inland Revenue’s mileage rate. You may choose to record actual costs or you may use the motor vehicle running cost data published by other reputable sources (e.g. NZAA).

Tuesday, 13th June 2017


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RUYS & CO LTD
 
 
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