IRD square metre rate this tax year

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Forums › Finance and wealth management › IRD square metre rate this tax year

JayADee

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#284154 3-Apr-2021 23:19

Does anyone know the square metre rate for home office claims for this tax year? And where to find it? It was $42.75 last year according to Google.

I usually calculate based on actual costs but this year I've been a bit slack tracking maintenance costs and thought I'd take the easy route.

Thanks!

Batman

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#2686187 4-Apr-2021 06:38

Hmm didn't know that thanks

JayADee

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#2686190 4-Apr-2021 06:51

Batman: Hmm didn't know that thanks

In years previous to this one it's usually worked out better for me to calculate on actual costs but this year I think it should work out to about the right amount. So if you're claiming for a home office best to do the maths.

Jase2985

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#2686191 4-Apr-2021 07:23

ird website says

https://www.ird.govt.nz/income-tax/income-tax-for-businesses-and-organisations/types-of-business-expenses/using-your-home-for-your-business

eracode

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#2686194 4-Apr-2021 07:27

Jase2985:

ird website says

https://www.ird.govt.nz/income-tax/income-tax-for-businesses-and-organisations/types-of-business-expenses/using-your-home-for-your-business

That doesn't show the rate for 2020-21 tax year, which is what OP is looking for. She knows 2019-20 was $42.75.

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JayADee

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#2686198 4-Apr-2021 07:54

I hate having to ring them up, this time of the year it might take forever to get a human.

eracode

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#2686200 4-Apr-2021 08:04

I had a good look for this just now - just out of interest. Like you, I can't find anything anywhere but did see an IRD comment that the rate is determined by the Commissioner and announced by IR. Because there's nothing to be found for 20-21, can only assume it's not yet been determined and/or announced for the year just ended. Pretty sure there's nothing on IR's own website - but I did also look wider than that.

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eracode

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#2686202 4-Apr-2021 08:05

JayADee:

I hate having to ring them up, this time of the year it might take forever to get a human.

You can ask them a question online - but they take 10-14 days to reply.

Sometimes I just sit and think. Other times I just sit.

eracode

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#2686206 4-Apr-2021 08:15

I think that realistically you probably can't actually complete your 20-21 return just yet. If I'm right about it not having been announced yet, my guess is that by the the time you can complete the return in a few weeks, the rate will have been announced - can't be far away.

Sometimes I just sit and think. Other times I just sit.

JayADee

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#2686293 4-Apr-2021 12:23

eracode:

I think that realistically you probably can't actually complete your 20-21 return just yet. If I'm right about it not having been announced yet, my guess is that by the the time you can complete the return in a few weeks, the rate will have been announced - can't be far away.

You're right, I'll hold off a bit. I was getting a jump on some calculations but it can wait.

eracode

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#2686371 4-Apr-2021 18:39

I’ve started work on our returns too - I’m one of those very odd people who actually enjoys doing them.

Sometimes I just sit and think. Other times I just sit.

JayADee

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#2686412 4-Apr-2021 20:13

I don’t enjoy doing them which is why I try to do them as soon as possible! So I can stop remembering I have to do it lol.

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E3xtc

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#2695133 20-Apr-2021 08:32

I had this issue last year (yes I am lazy, with very small footprint in terms of financial/expenses/etc, so just relay on the square mtr rate), and asked them (because it wasn't published anywhere; only references to the previous year), and they responded (eventually) saying just use the previous year. Amazing how they can't just have this stuff ready and updated for when people are likely to start needing them!

JayADee

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#2708029 15-May-2021 19:23

I asked ird online and it isn’t out yet. I decided to use actual costs anyway.