Trucking businesses will be able to invest in safer equipment and support the industry’s suppliers now that the investment incentive has been extended by the government. The extension of the $150,000 instant asset write off was warmly welcomed by Ben Maguire, Australian Trucking Association CEO and Todd Hacking, Heavy Vehicle Industry Australia CEO.
The Government announced that it will extend the $150,000 instant asset write off to the end of the year. The write off, which was increased from $30,000 and expanded to more businesses in March, was due to end on 30 June 2020. The write off applies to both new and second hand assets.
For the trucking industry, the write off extension would enable trucking businesses to invest in new trailers and some trucks, or even recent second hand equipment with better safety technology than their existing fleet.
“The write off has already delivered an economic boost. With this six month extension, I urge every trucking operator to consider if they could bring forward their next equipment purchase and take advantage of the tax benefits,” said Ben.
“The ATA and HVIA made two joint submissions on the instant asset write off to the Treasurer and had detailed discussions with Treasury officials. We want to thank the Government for listening to industry’s views and supporting continued investment.”
In a statement, MaxiTRANS has also backed the Government’s plan to extend the stimulus package until the end of the year in address to the economic impacts of the COVID-19 outbreak. It said the extension of the package, will continue to build confidence, through ongoing employment and business continuity for our brands and suppliers alike.
“Importantly, what it has meant for MaxiTRANS is that we have been able to keep our operations going in support of our customers, so that they can continue to keep food on shelves,” said Dean Jenkins, MaxiTRANS Managing Director & CEO. “Also just as important is that we have been able to keep people employed, which is a really fundamental thing at this point in time.”