This will be of interst to those of you who pay a mileage allowance – I have copied this straight from the IRD newsletter.
The motor vehicle mileage rate has been reviewed to reflect the average cost of running a motor vehicle, including the average fuel prices. The mileage rate for the 2012 income year has increased to 77 cents per kilometre for both petrol and diesel fuel vehicles.
The mileage rate is set retrospectively for persons required to file a return for business income, so that the rate reflects the average motor vehicle operating costs for an income year. Those persons who meet the criteria have a choice of using the Commissioner’s mileage rate or actual costs. Taxpayers who choose to use actual costs must keep records to support any expenditure claimed.