Inland Revenue’s tax news for Business

New, secure, online filing for GST returns

Inland Revenue have just introduced a secure, online, return-filing service for GST-registered customers. From now on when you file your GST returns using the new service you’ll get an immediate confirmation giving you certainty that IRD have received them. You’ll need to have a secure online services account and then you’re ready to go. The new return will be prepopulated with your personal details and will do all the calculations for you. You can save what you’ve done at any time and go back to it later.

Mileage rate for motor vehicles increased

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 77cents 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.