← 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 If you have any old fact sheets, please assume they are out-of-date and refer to the New Zealand Customs website for real-time information. 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.  

 

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

 


← back


Related articles

Famous TV and Movie Cars and Motorbikes
Posted on 20th July 2020
James Bond had access to all manner of vehicles – ones that flew, went underwater (like the Lotus Espirit) or whatever the chase required. Aston Martins were Bond’s signature car and feature in many Bond movies.
Read more


Good Passenger/Bad Passenger – which are you?
Posted on 17th June 2020
Some people are hard work as a car passenger.  Yep, you know who we’re talking about and they literally ‘drive you to distraction’.  Who’s knows, you might even be one yourself! Bad passengers can make drivers stressed and distracted, and if they’re distracted then it’s dangerous for everyone.  Remember these tips next time you are the passenger.  
Read more


Cool Campsites in the UK
Posted on 22nd May 2020
If you reside in the UK and looking forward to a summer holiday (especially after a very out-of-the-ordinary year so far), we’ve got a great range of campsites to park up the campervan and become one with nature. As expected, international travel is minimal (if at all) around the world, so local tourism businesses will happily welcome your holiday spending.
Read more


How the Corona Virus affects the New Zealand Shipping Industry
Posted on 24th February 2020
As the Corona Virus gains momentum, businesses all around the world are falling on hard times. The New Zealand shipping industry has not gone without its worries and below are the main points to come from the latest meeting held by CBAFF (Customs Brokers and Freight Forwarders Federation of New Zealand Inc).
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 © 2020 McCullough Ltd | Terms & Conditions

Website crafted by bocapa