Mileage Rate for motor vehicles increased
This year the IRD were also able to set mileage rates for hybrid and electric cars. The mileage rates for these vehicles are:
hybrid - 73 cents per km
electric - 81 cents per km.
New ACC Rates
The earners' levy is set at $1.39 (GST inclusive) per $100 liable earnings.
The maximum liable earnings has increased from $122,063 to $124,053.
Use of Money Interest (UOMI) rate change
The new rates are:
- underpayments - 8.22% (down from 8.27%)
- overpayments - 1.02% (down from 1.62%).
Sharing Information to combat global tax evasion
Threshold change for correcting an error in your next tax return
•income tax (including RWT and NRWT)
•fringe benefit tax, and
You can fix a minor error in your next tax return when:
•the error was caused by a clear mistake, simple oversight, or mistaken understanding on your part, and
•the total discrepancy in the assessment that is caused by the error is $1,000 or less.