The Morrison Government’s stimulus measures mean there has never been a better time to buy a truck or trailer according to a campaign launched today.
“Better still – fifty trucks and trailers,” is the cry from Heavy Vehicle Industry Australia’s Chief Executive Todd Hacking.
“That is what is going to secure the jobs of tens of thousands of employees in the heavy vehicle industry, whilst at the same time improving safety, productivity and environmental outcomes.”
Heavy Vehicle Industry Australia and partners have launched a campaign to provide the heavy vehicle industry simplified information about the Government’s stimulus measures – the Instant Asset Write Off (IAWO) and the Backing Business Investment (BBI).
Mr Hacking says the campaign is designed to support Australian jobs and Australian manufacturing by driving a conversation between road transport operators and their suppliers of trucks, trailers and equipment.
“Our campaign webpage includes the details of the incentives in an easy to follow format and links to answer most questions.
“Then, get in touch with your truck and trailer dealers and your tax advisor to ensure you can get the most out of these stimulus measures as they won’t be around forever.”
Prior to COVID-19 HVIA had called for stimulus through a bonus depreciation investment allowance.
“The Government responded with the very generous IAWO and BBI initiatives,” Mr Hacking said.
“Throughout the COVID-19 pandemic we have continued to provide advice and feedback from industry to the Morrison Government on a range of policy initiatives, including extending the deadline of the IAWO.
“This campaign included joint letters to the Treasurer, Deputy Prime Minister and the Assistant Minister for Transport as well as briefings with Treasury and Transport officials. The HVIA Board also met with Minister Buchholz to provide direct feedback.”
“The announcement this week of an extension to the IAWO to 31 December 2020 is a prime example of how the Government has responded and supported our industry.”
HVIA is encouraging operators to take advantage of the opportunity.
“If you need help searching the options, there is also an amazing marketplace of equipment available on TradeTrucks.com.au,” Mr Hacking said.
“We know business finance has tightened, so if you are looking for advice and guidance from someone that really knows our industry, we are very proud to recommend Morris Finance, who are supporting this campaign.”
Instant Asset Write Off
The Instant Asset Write Off has been increased from $30,000 to $150,000, with access expanded to include all businesses with a turnover of less than $500 million.
- provides 100% depreciation
- on assets up to $150,000
- new or second-hand
- per asset – write-off multiple assets
- delivered by 31 December 2020
Backing business investment
The Backing Business Investment incentive is available to businesses with aggregated turnover of less than $500 million for the 2019–20 and 2020–21 income years, to deduct the cost of depreciating assets at an accelerated rate.
- a bonus 50% depreciation to be written off immediately
- there is no upper threshold
- for capital purchases delivered by 30 June 2021.
- up to 60-65% of the assets can be written off immediately.