Common sense made good
One of the things I am particularly proud of – which often has a positive impact on motorists – is the Chamber’s government lobbying. Sometimes it’s to change something that is having a negative impact on business, that can filter down to motorists. Sometimes it’s to keep things as they are. Either way, the work is important.
A recent win was around a deadline the government set for its welcome Instant Asset Write-off Scheme – an incentive announced in order to support struggling businesses in the wake of COVID-19.
The scheme provides tax incentives for business owners to purchase equipment – like motor vehicles and farm machinery – that is used in the course of running a business and providing the best service possible to customers. It incentivises people to spend money now that they may not have spent, with the government refunding some of the purchase price. Builders, plumbers, farmers and many others benefit from the scheme and the money they spend helps keep Australia moving.
The original scheme was due to finish on 1 July. The problem was that, due to COVID-19, some car factories and transport logistics came to a halt. This meant well-meaning people ordered utilities and tractors and harvesters, paid their money and waited for delivery. But unforeseen delays meant their tax refunds were at risk.
VACC, along with others, lobbied government to reconsider the deadline and we were pleased to see it pushed out to 31 December.
This is a great example of good policy being tweaked for the betterment of the Australian economy.
Words: VACC CEO, Geoff Gwilym. As featured in the Herald Sun 3 July 2020.
Share your thoughts! E: ceo@vacc.com.au