Are you an employee who is looking to receive reimbursement from your employer for travel-related expenses? If so, you may be wondering what the current Inland Revenue Department (IRD) mileage rate for 2023 NZ is. This rate is set by the IRD and is used to calculate how much employees can claim for business trips.
The IRD mileage rate for 2023 NZ is currently set at 81 cents per kilometre. This rate applies to all motor vehicles, including cars, vans, motorbikes, and bicycles. The rate is based on the cost of running a vehicle, including fuel, maintenance, and depreciation.
The IRD mileage rate for 2023 NZ is only applicable to business trips. If you are travelling for personal reasons, the rate does not apply. Additionally, the rate does not apply to any travel between your home and workplace, as this is considered a commuting expense, and not an eligible business expense.
The IRD mileage rate for 2023 NZ is also only applicable to claims that exceed $50. If you are claiming less than this amount, you will not be able to use the rate to calculate your reimbursement. Additionally, the rate is only applicable to trips within New Zealand. If you are travelling overseas, you will need to use a different rate.
The IRD mileage rate for 2023 NZ is reviewed annually and could change in the future. If you are planning a trip, you should always check the current rate before you travel, so you can ensure that your claim is accurate. Additionally, you should make sure that you keep all supporting documents, such as receipts and invoices, to back up your claim.
When claiming your expenses, you will have to provide the IRD with details of the trip, including the date, distance travelled, and the purpose of the trip. You will also need to provide receipts for any purchases you make. The IRD will then use the details of your trip and the applicable mileage rate to calculate how much you are eligible to claim.
If you are an employee who is travelling for business purposes, it is important to be aware of the IRD mileage rate for 2023 NZ. This rate is used to calculate how much you can claim for business trips and can help to ensure you receive the full reimbursement you are entitled to.
Conclusion
The IRD mileage rate for 2023 NZ is currently set at 81 cents per kilometre. This rate applies to all motor vehicles and is used to calculate how much employees can claim for business trips. It is important to be aware of the rate, as it is reviewed annually and could change in the future. Additionally, you should always keep all supporting documents, such as receipts and invoices, to back up your claim.