For the first time since the 2008/2009 financial year, the motor vehicle cents per kilometre rates have increased.
These rates are commonly used when calculating tax deductions within tax returns but are also utilised by a number of businesses and not-for-profit entities when deciding how much they should reimburse their employees for work-related travel.
The new rates are:
76c / km
77c / km
If you have any questions regarding the application of the new cents per kilometre rates, please contact Ellingsen Partners.