The Assistant Minister for Road Safety and Freight Transport, the Hon Scott Buchholz addressed the NatRoad Board last week. One of his messages was the Federal Government’s favourable tax measures, including the instant asset write off and loss carry back offset provisions that should be used by members.
The National Road Transport Association (NatRoad) CEO Warren Clark said: “The instant asset write-off allows eligible businesses to claim an immediate deduction for costs relating to depreciating assets, including vehicles and equipment. The federal Budget 2020-21 introduced temporary measures that have built on the instant asset write-off previously in place and there were a number of business-friendly measures that the Government has introduced.
“Under these measures, depreciating assets may include new business vehicles and equipment. For businesses with aggregated turnover of less than $50 million, the assets can be second-hand so members who want to upgrade to a second-hand vehicle shouldn’t be deterred from using these measures to their advantage.
“NatRoad suggests that members get the full benefit of these measures by consulting a professional in the preparation of their taxation documents.
“NatRoad Board members indicated that they were pleased with these Government incentives and commended the Assistant Minister for his advocacy on behalf of the road transport industry,’ Mr Clark concluded
Note to editors. The following contain more details on the Government measures:
- Temporary Full Expensing and the instant asset write-off – https://treasury.gov.au/coronavirus/businesses/your-investment-decisions and https://www.ato.gov.au/Business/Depreciation-and-capital-expenses-and-allowances/General-depreciation-rules—capital-allowances/Temporary-full-expensing/#Eligibleassets
- Loss carry-back: https://www.ato.gov.au/General/New-legislation/In-detail/Direct-taxes/Income-tax-for-businesses/Loss-carry-back/
- 2020-21 Budget factsheet on Lower Taxes: https://budget.gov.au/2020-21/content/factsheets/download/tax_fact-sheet.pdf
NatRoad communications are intended to provide commentary and general information. They should not be relied upon as legal advice.