Instant Tax Write-Off Extended to December: Car Makers Rejoice

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The Federal Chamber of Automotive Industries (FCAI) has commended the Federal Government’s decision to extend the $150,000 instant asset write-off for an additional six months, through to 31^st December 2020.

The extended time frame will allow Australian businesses with an annual turnover of less than $500 million to support their operations through continued investment in business assets – spending which will be a key component to Australia’s post-COVID-19 economic recovery.

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Given the extraordinary economic circumstances facing many sectors in Australia, including the automotive industry, the FCAI has been calling on the Government to extend this important program.

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“The automotive industry in Australia has been in decline for some time,” Mr Weber said.

“As at the end of May 2020, the market had seen 26 consecutive months of negative growth.  In addition, the market dropped 48.5 per cent in April 2020 (compared to April 2019), and declined another 35.3 per cent in May 2020 (compared to May 2019).

“We need to kick start the new vehicle market by stimulating new vehicle purchases, and the instant asset write-off is an important tool in this process.  We would like to see small businesses follow through on their pre-COVID investment strategies, and replace their older vehicles with new, safer, and more efficient models.

“New car dealerships in Australia employ more than 60,000 people nationally and are significant contributors to community and regional economic growth through employment, training, and philanthropy.

“It’s great to see the Federal Government’s support for these small businesses through a number of initiatives such as JobSeeker and JobKeeper, and now through the extension of the instant asset write-off program.