Douglas Shire tradies have seen the benefits of Federal tax incentives for businesses which have had a dramatic impact in Northern Australia with miners, tradesmen and freight transport services helping spark a near-record year for truck sales.

Special Envoy for Northern Australia, Queensland Senator Susan McDonald, said soaring truck sales in Australia had been attributed by the Truck Industry Council to the Federal Government’s financial incentives for businesses.

“From tradies in the Douglas Shire, Cairns, Townsville and Darwin, to farmers and miners in North West Queensland and the Northern Territory, incentives such as the instant asset write-off are vital and we’re now seeing the direct results,” she said.

“With a more intelligent approach to taxation, we are giving businesses the confidence to expand operations, invest in growth and employ people.”

According to the council, Australian truck and heavy van sales for the 2021 calendar year totalled 41,404 vehicles which was up 6,928 vehicles, or 20.1 percent, over 2020 sales and just 225 trucks short of a new record.

“The federal government financial incentives, that applied throughout calendar year 2021, were a significant contributing factor to the market’s stellar sales performance in 2021,” it stated.

 
Federal Government financial incentives include:

1. Treasurer’s introduction and extension of Temporary Full Expensing as part of the 2021-2022 Federal Budget;

2. Loss Carry Back Scheme measures announced in October 2020 COVID stimulus;

3. In 2020, Lifting Instant Asset Write-off to $150,000; and

4. Backing business investment measures to accelerate depreciation deduction (in 2019 -2021).

Senator McDonald said Northern Australia would continue to power the nation’s economy thanks to the Government’s “commonsense” tax incentives.

“These truck sales are proof that the Coalition’s lower taxes and practical incentives can spur business investment and prosperity.

“Northern Australia has powered through the Covid crisis, continuing to grow and mine the materials we need every day, and get them to market.”