NatRoad is supporting an industry-wide approach to the Federal Government for an extension of Temporary Full Expensing (TFE).
TFE is currently available for assets first held, first used or installed ready for use until 30 June 2023.
Trucking businesses are using TFE to upgrade their fleets to new trucks that are safer, have better emission controls and are more comfortable to drive.
Due to the continuing disruption to global supply chains, however, truck suppliers face long lead times in delivering orders with blow-outs from 8-12 weeks to 24 months in some cases.
Many trucks ordered now in the expectation that they will be eligible for TFE will not be ready for use by the 30 June 2023 deadline
The industry is seeking a 12-month extension to the delivery timeline for truck and trailer orders placed by 30 June 2023 or held, used or ready for use by 30 June 2024. NatRoad policy is that to encourage the purchase of new trucks this incentive, or something similar, should be made permanent.