Recent Updates from IRD

Motor Vehicle Mileage Rates

Inland Revenue have announced that from the 2015 income year, the mileage claim has dropped to 74 cents per kilometre for both petrol and diesel fuel vehicles.

FBT and Low Interest Rates

The rate of interest used to calculate fringe benefit tax on low-interest, employment-related loans is 6.22% effective 1 July 2015.

Pooling of Assets

The maximum pooling value increases from $2,000 to $5,000, and applies to depreciation calculations made for the 2015-2016 tax year. The increase came into force on 1 July 2015.