2024 Mileage Rates Updated

For those who use the kilometer based claim method to account for motor vehicle expenses - good news!

These rates are going up for the 2024 financial year, as follows:

Vehicle Type                            Tier One Rate (Up to,14,000kms)     Tier 2 Rate (Above 14,000kms)
Petrol or Diesel
1.04 cents35 cents
Petrol Hybrid1.04 cents21 cents
Electric1.04 cents12 cents

These rates can be used for businesses that have kept a logbook of actual business related mileage / trips, and have not otherwise claimed the actual petrol or vehicle repair costs that they have incurred (i.e. a business cannot claim both).

The rates are also applicable for reimbursement of your employees for mileage claims that they make for use of their private vehicles for business purposes.

If you would like to discuss the above further to see if these rates may be relevant to you, or to discuss alternative ways to claim motor vehicle expenses - please contact your usual Martin Davidson & Associates advisor.

Back to Resources & Insights