June 30 asset write off deadline a ‘real problem’

The Australian Government should extend the increased instant asset write off from its current end date, June 30, 2020, to the end of the year, the Australian Trucking Association and Heavy Vehicle Industry Australia said today.

As part of its response to the COVID-19 pandemic, the Government increased the instant asset write off from $30,000 to $150,000, with access expanded to include all businesses with a turnover of less than $500 million.

The increased write off is only available until June 30, 2020.

ATA chief executive officerBen Maguire said the increased write off had enabled trucking businesses to support the industry’s suppliers and invest in new equipment such as trailers.

“The purchase of new equipment under the write off has delivered an economic boost – and will improve road safety into the future,” he said.

“With June 30 fast approaching, though, many trucking businesses have not been able to use the write off. They needed to focus on staying in business, or simply could not have equipment built to their specifications in time.”

HVIA CEO Todd Hacking urged the Government to extend the increased write off to December 31, and to consider a joint plan put forward by the ATA and HVIA to increase the value of the write off further.

“The June 30 deadline for the write off is a real problem for our members. After the increased write off was announced in March, there was not enough time for many businesses to act before the pandemic escalated,” he said.

“We need this extension to keep business investment going and to keep Australians in jobs.”

The CEO and Managing Director of heavy trailer manufacturer MaxiTRANS, Dean Jenkins, said the instant asset write off had been a godsend to transport industry suppliers.

“In conjunction with the 50 per cent investment allowance, it’s enabled us to keep our operations going to support our customers, keep food on the shelves and also to enable us to keep people employed, which is really a fundamental thing,” Mr Jenkins said.

“We support the case for this extension and urge the Government to listen to industry,” he said.

Big Rigs

Fighting to end the inequality: Big Rigs and TWU

Fighting to end the inequality: Big Rigs and TWU

Over the years the TWU and Big Rigs have played their parts in the role of keeping...

Sad day for all in transport

Sad day for all in transport

It is a sad day for all of us in the industry as Big Rigs magazine has been a part...

$145m to upgrade SA truck routes and roads

$145m to upgrade SA truck routes and roads

The package is part of a $1.5 billion infrastructure funding boost