Australian Economic Stimulus Package Announcement
MaxiTRANS has backed the Government’s stimulus package announcement in address to the economic impacts of the COVID-19 outbreak. The package, which was announced in March 2020, is intended to provide confidence, on-going employment and business continuity.
The stimulus package announced is a positive for Australian business and the transportation industry as a whole. It is designed to encourage industry investment and is a great step towards helping protect the Australian economy during this period of uncertainty.
What's included in the Government Stimulus Package?
Under the new package, businesses with a turnover below $500 million will be able to deduct 50 per cent of the cost of an eligible asset immediately, with existing depreciation rules applying to the balance of the asset’s cost, available until 30 June 2021.
The package also expands the instant asset write-off applicable for both new and used assets, with the threshold to be increased from $30,000 to $150,000, and access expanded to businesses from a turnover of less than $50 million to less than $500 million, available until 30 June 2020.
How can MaxiTRANS help your business?
To help businesses take full advantage of the Government’s announcement, MaxiTRANS has invested the time to understand the rules around package. The company already has a large range of both new and pre-owned trailers already in stock and has already moved forward with plans to produce more units so that it is ready for customers by the end of FY2020 to deliver this stimulus bonus. For customer specific built trailers requiring longer production times, now is the time to begin discussions to ensure delivery before 30 June, 2020.
We are reminding our customers that the instant asset write-off and depreciation rules are available for multiple units, not just a one off purchase. Additionally, customers may wish to invest in capital asset upgrades, including upgrading their suspension or fridge plants on existing trailers, which too fall within the write-off and depreciation rules.
For customers looking to invest and take full advantage of the Government’s announcement, we encourage to contact one of our national MaxiTRANS Dealers to discuss how they could benefit. All while knowing they are investing in high quality Australian-made products and supporting the Australian economy.
Please note MaxiTRANS does not provide financial advice to its customers, MaxiTRANS suggests customers contact their own financial provider to discuss.