← back

Changes to Motorhome Depreciation Rate

Posted on March 17, 2020

 

There has been a big change to the depreciation rate on motor vehicles and motorhomes.  New Zealand Customs recently announced there is a change in the depreciation rates applied to motor vehicles and motorhomes from 1st of March 2020.

 

Reason for the change

These rates are already used by Inland Revenue and it will make it less confusing for importers and improve consistency across government agencies. There will be a consistency of depreciation rates used for imported goods for importers and also enable Customs to justify and explain the basis of the rates.*

As of 1st March 2020, a straight-line depreciation of 13.5% per year will be applied to motorhomes.

 

How to work it out 

On a $100,000.00 NZD Motorhome – owned and used in the UK for 3 months.

$100,000.00 NZD x 13.5% = 13,500.00 / 12 = $1125.00 per month.

Motorhome arrives in NZ after 4 months = $1125.00 x 4 = $4500.00 NZD depreciation (old deprecation rate 20% - $20,000.00)   

     

Information we have been given

McCullough Shipping has been in touch with New Zealand Customs since the new announcement and can verify the following:

 

  1. If the importer (or their agent) can prove the goods were purchased prior to 01 March 2020 and those goods are imported into New Zealand prior 01 March 2021, the old depreciation rates will still apply. 

 

  1. Customs is in the process of updated fact sheets and transferring the information to their website. If you have any old fact sheets, please assume they are out-of-date and refer to the New Zealand Customs website for real-time information. 

 

  1. Clients who have made a deposit on a motorhome can use the old depreciation rates if they can prove they have a signed “contract of sale” to purchase the motorhome before 1 March 2020.  The vehicle will have to be imported into NZ prior to 1 March 2021 to qualify.  

 

Summary

In short, if you have made a deposit or a payment on a motorhome and you import before March 2021 you will qualify for the old deprecation rates.

 

If you are unsure about how this affects your motorhome or have any questions about this new law, please contact us and we will either answer your questions or be able to put you in the right direction.  

 

IMPORTANT: On depreciation that there is a 3-month minimum use before you can claim.

 

 

*https://www.customs.govt.nz/about-us/news/important-notices/change-in-depreciation-rates-for-used-motor-vehicles/

 


← back


Related articles

Open vs. Enclosed Car Shipping: Which is Better?
Posted on 30th November 2023
Are you wondering whether open or enclosed vehicle transport suits your car shipping needs? This blog post outlines each method and its advantages. Read more!
Read more


The Ultimate Guide to Importing Motorcycles to NZ
Posted on 23rd November 2023
Are you looking at importing a motorcycle to NZ? This guide will cover everything you need to know, from paperwork to compliance and shipping options.
Read more


What to Know Before Importing a Classic Car into New Zealand
Posted on 10th October 2023
There’s plenty to consider before importing a classic car to NZ. This guide covers everything from regulations to shipping options for hassle-free importing.
Read more


Cheap Classic Cars for Collectors on a Budget
Posted on 20th September 2023
Collecting classic cars on a budget? Our guide to cheap classics covers popular models that won't break the bank, with tips on buying and restoring. Read now!
Read more



Our easy - 3 step shipping process

×
Advise pick-up location
Documents & shipping
Delivered to your door

Tell us the pick up location and we'll arrange a date & time

We handle all customs & shipping including insurance

Enjoy your toy, after it's delivered to your door anywhere in NZ.

Get Started

Shipping a vehicle?

Get a free quote

Unlock your dream now …

Copyright © 2024 McCullough Ltd | Terms & Conditions

Website crafted by bocapa