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| Thread ID: 100078 | 2009-05-25 06:24:00 | Any tax experts out there? | gradebdan (2186) | PC World Chat |
| Post ID | Timestamp | Content | User | ||
| 776785 | 2009-05-25 06:24:00 | Time for me to fill in my IR3 for my part time job. I usually claim for the mileage incurred. Did a search for the latest mileage rates. Could only find on IRD site the old rates that have not changed for umpteen years. During my searches saw talk from a "PROPERTY INVESTOR" site that mentioned the rates had been increased. Tried to get confirmation from IRD but gave up after 1/2 hr holding on. Does anyone have any knowledge of this change please? | gradebdan (2186) | ||
| 776786 | 2009-05-25 07:49:00 | www.ird.govt.nz | pctek (84) | ||
| 776787 | 2009-05-25 09:01:00 | Hi PCTECH. Those rates shown (banded rates) are the rates I have been using for the last ten years. 62c/km. The new ones I saw on the other site were mentioning 71c/km. |
gradebdan (2186) | ||
| 776788 | 2009-05-25 10:48:00 | No, I'm pretty sure that the link that PCtech posted has the correct rates. The IRD updates those things pretty quickly if they change. www.ird.govt.nz |
beeswax34 (63) | ||
| 776789 | 2009-05-25 11:12:00 | Hi PCTECH. Those rates shown (banded rates) are the rates I have been using for the last ten years. 62c/km. The new ones I saw on the other site were mentioning 71c/km. Well one would wonder about umpteen years as you put it. Umpteen = what? Date published: 18 Jan 2007 On the IRD site that PCTech sent that you now have. You do not have to use banded rates anyway do you? Do you have log books and actual figures as to mileage and what sort of vehicle you drive and what percentage is used for personal and/or business. It rather depends on what you want to claim. On banded rates you are claiming for no more than so many km per year and this includes a write off as to depreciation I think. I'm not a Tax expert BTW. This may explain why the difference between 62 cents as opposed to 71 cents you saw on another Web site. Link to OTHER Web site if you have one? |
Sweep (90) | ||
| 776790 | 2009-05-25 23:12:00 | Sweep, I see what you are getting at. As I only do about 5600km/ year I am going for the simpler method. The 71c quoted on the other site (property investor) probably takes into account depreciation,interest on loans,maintenance costs etc. I just want to keep it simple. Umpteen = The last ten years. (Petrol has more than doubled during this period. It's about time IRD made some adjustments)... Thank you for your input. |
gradebdan (2186) | ||
| 776791 | 2009-05-25 23:30:00 | Sweep, I see what you are getting at. As I only do about 5600km/ year I am going for the simpler method. The 71c quoted on the other site (property investor) probably takes into account depreciation,interest on loans,maintenance costs etc. I just want to keep it simple. Umpteen = The last ten years. (Petrol has more than doubled during this period. It's about time IRD made some adjustments)... Thank you for your input. I agree that the IRD needs to get up to date as to the real costs involved in running a vehicle. There again do you need to have a Porche or Jaguar to visit clients? You could join the Automobile Association for actual costs involved. You could drive a 50 year old Landrover mentioning that you really need to get to the outback and claim for every part that fails during your journeys etc. |
Sweep (90) | ||
| 776792 | 2009-05-25 23:32:00 | Interesting . I record my mileage (business and personal) and work out a percentage of running costs to claim based on business usage in a 3-month period (a carefully selected 3-month period, of course) . At present I claim something just over 80% of vehicle running costs against my business . . . My understanding is that this percentage figure can be used for two years, after which you reassess based on another more recent (carefully selected) 3-month period . Talk to an accountant . |
johcar (6283) | ||
| 776793 | 2009-05-26 00:17:00 | And here was me thinking that you want to cycle everywhere including motorways. I take it that you claim depreciation on tyre wear? |
Sweep (90) | ||
| 776794 | 2009-05-26 01:19:00 | Only on the car Sweep, only on the car. :D | johcar (6283) | ||
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