Are you using the correct rates when claiming your vehicle expenses?

 in IRD / Tips  tagged Accountant / Accounting Services / IRD / Mileage Rates / Tax Agent / Whakatane by

Odometer

2014 Mileage Rates

IRD have confirmed the vehicle mileage rates for 2014 will remain at $0.77/km up to a maximum of 5,000 km. Where your business use is greater than 5000 km.

Is it Time to Dust Off Your Log Book?

Regardless of which method you use to calculate your vehicle expenses, you need to have good vehicle log book entries to support your claim. Now is a good time to check when you last updated your vehicle log book. Once a vehicle log book has been completed for a minimum of three months, the results are only valid for a maximum of three years (less if the variance in business use changes by more than 20%).

When was your vehicle log book last updated?

For more information on Vehicle Expenses and how to calculate them see my post Vehicle Expenses – 3 Ways to Get it Right

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