Australia, Transport News

NatRoad calls for instant asset write-off reinstatement

The NatRoad CEO wants to see the popular transport industry scheme returned in this year’s Federal Budget

The National Road Transport Association (NatRoad) has called for the reinstatement of the instant asset write-off in the forthcoming Federal Budget.

NatRoad CEO Warren Clark says the previous federal government’s decision not to extend the popular instant asset measure in its last Budget was putting strain on small road transport operators.

“The previous federal government decided to let it wind down, despite it being a popular measure for small businesses with very little negative impact on the economy’s bottom line,” Clark says.

“Buying a truck or trailer is a massive capital outlay and the biggest one that most operators will make.

“Any tax relief like that will be welcome as our industry is really feeling the pain of high diesel prices.”

RELATED ARTICLE: NatRoad makes call on Transurban proposed acquisition

In April last year, NatRoad supported the then federal opposition’s promise to introduce 30-day invoicing for 2.4 million Australian small businesses but Clark says an announcement is not considered likely to be in the Budget.

“It’s something we’ve been seeking for decades,” he says.

“The federal government began a consultation process last year, but the report is not due until June.

“The 20 per cent uplift deduction for businesses spending on skills training and digitization was made available to businesses with aggregated turnover below $50 million but is only available until June 30, 2024.

“Extending the measure beyond then would be another modest bonus for our industry.”

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