MaxiTRANS has again backed the Federal Government’s plans to support Australian businesses to continue to invest, grow and create more jobs through the targeted tax incentive extension.
In October 2020, The Federal Government announced the introduction of the temporary full expensing and access to previous year losses, this enabled more customers in our industry to access and invest in new and safer transport equipment.
The Government announced in the last budget that this incentive has now been extended a further 12 months to 30 June 2023.
Under full expensing, eligible businesses with a turnover of up to $5 billion will be able to write off the full value of any new eligible asset they purchase for their business.
All other elements of temporary full expensing will remain unchanged. Dean Jenkins, MaxiTRANS Managing Director and CEO, said:
“This announcement is a positive for Australian business and the transportation industry as a whole and a great step towards the on-going recovery of the Australian economy. The extension of temporary full expensing will allow transport businesses to invest and encourage the purchase of new and safer transport equipment for the industry.”
“We thank our industry partners for lobbying on behalf of the industry to the Government to extend the temporary full expensing after the realisation of its benefits.”
“This is a terrific show of support from the Government who see the value in transport companies investing in upgraded transport equipment, which includes new trucks and trailers.”
The budget announcement also sets out the Government’s plans for an additional $15 billion in infrastructure commitments.
As a preferred transport partner, MaxiTRANS is here ready to continue to assist with our customers’ new equipment needs following this most recent announcement.
MaxiTRANS bulk transport brands, which include Hamelex White, Lusty EMS, Trout River and AZMEB, are well known within the industry and respective segments in which they specialise and ready to assist with current and proposed infrastructure projects.
This also extends to other market leading brands, Freighter, Maxi-CUBE and Peki, which too fit within the temporary full expensing capital purchase rules.
MaxiTRANS’ understanding is that the temporary full expensing incentive is available on all new capital purchases, not just a one-off purchase. It also extends to capital upgrades to existing equipment which customers may wish to take advantage of. This includes axle and suspension replacements, new curtains or tarps and replacement fridge plants, in addition to many other upgrades accessible through MaxiTRANS service and parts. Dean said:
“For our customers looking to invest and take full advantage of the Government’s announcement, we encourage you to contact your accountant or financial adviser to discuss how you could benefit. All while knowing you are investing in high quality Australian-made products and supporting the Australian economy.”