The ATA and the HVIA are both  celebrating  the announcement that the Federal Government will be  extending its  $150,000 instant asset write off   as part of its Covid 19 economic stimulus strategy, with both ATA  CEO Ben Maguire and HVIA CEO Todd Hacking jointly saying  the extension will enable trucking businesses to invest in safer equipment and support the industry’s suppliers.
The Government announced that it will extend the $150,000 instant asset write off to the end of the year. The write off, which was increased from $30,000 and expanded to more businesses in March, was due to end on 30 June 2020. The write off applies to both new and second hand assets.

While the ATA and HVIA joined together to endorse the government move the body representing the truck makers, the Truck Industry Council has not issued a statement.

Ben Maguire said the write off extension would enable trucking businesses to invest in new trailers and some trucks, or even recent second hand equipment with better safety technology than their existing fleet.

“The write off has already delivered an economic boost. With this six month extension, I urge every trucking operator to consider if they could bring forward their next equipment purchase and take advantage of the tax benefits,” he said.

HVIA CEO Todd Hacking said the original 30 June deadline for the write off had been a real problem for heavy vehicle manufacturers and suppliers.

“Many businesses did not have time to act on the increased write off before the pandemic escalated and they had to focus on staying in business,”  Todd Hacking said.

“In addition, much of the equipment we supply is tailored to an individual purchaser’s specifications. There just wasn’t time to do this before the 30 June deadline.

“Now the industry can engage with our customers and really highlight the advantage of upgrading their equipment. This will go a long way to supporting HVIA members not only now but when JobKeeper ends in September,” he said.

Ben Maguire thanked the Government for listening to industry’s views.

“The ATA and HVIA made two joint submissions on the instant asset write off to the Treasurer and had detailed discussions with Treasury officials. We want to thank the Government for listening to industry’s views and supporting continued investment,” Maguire said.

The ATA and its member associations represent the businesses and people of the Australian trucking industry. Together, the ATA and its members are committed to safety, professionalism and viability.

HVIA represents and advances the interests of manufacturers and suppliers of heavy vehicles and their components, equipment and technology.