2024 Mileage reimbursement rates
The IRD has released the latest rates for motor vehicle expenditure claims
The rates are $1.04 for petrol, diesel, hybrid and electric vehicles for up to 14,000 km. After 14,000 km, the rates are $0.35 for diesel and petrol vehicles, $0.21 for hybrid vehicles, and $0.12 for electric vehicles.
It is accepted that these rates may also be used by employers as a reasonable estimate for reimbursement of expenditure incurred by employees for the use of a private motor vehicle for business purposes in a current income year (1 April onwards)
The rates apply for the 2023/2024 income year for motor vehicle expenditure claims. The Tier one rates reflect an overall increase in vehicle running costs largely due to fuel costs, insurance and interest rates.
