Username
Password
  RegisterForgot your password?
  •  
  • Lightbox
 
 
Press Releases

CLOCK TICKING ON TRUCK TAX BREAK

Hino Australia says time is running out for businesses to take advantage of the Federal Government's additional 50 per cent tax break on small business capital expenditure.

Part of the government's $42 billion economic stimulus package, the Business Tax Break offer provides tax breaks for the purchase of business assets, including trucks.

Small business operators - those with an annual turnover less than $2 million - have until 31 December 2009 to qualify for the additional 50 per cent tax deduction that is available. Large businesses - those with an annual turnover over $2 million - may still claim an additional 10 per cent deduction on purchases made by the end of this year. If businesses buy a truck between now and the end of the year, they have until 31 December 2010 to take delivery and claim the additional deductions.

Hino Australia national sales manager, Enzo Magistro, urged potential customers to act.

"These kinds of tax breaks can have a massive impact on future profitability so any company needing Hino trucks should be finalising its business decisions before this opportunity disappears," said Mr Magistro.

"It is highly unlikely the industry is going to see such a generous offer from the Federal Government for quite some time."

Only trucks purchased by 31 December 2009 qualify for the additional tax deductions, though Mr Magistro said that small business customers who place their orders in that period still technically qualify for the additional 50 per cent tax deduction as long as delivery is taken by 31 December 2010.

"We appreciate that businesses require time to properly plan their purchasing decisions and that this potentially further closes the window on the December opportunity.

"We would remind customers there is 'breathing room' in as far as that only the contract must be entered into by the deadline. Customers then have up to a year to take delivery of their truck."

Mr Magistro said Hino is aware that financial advice and credit are potential stumbling blocks for customers and that Hino is well placed to assist.

"As part of the Toyota Group, Hino Financial Services is AA+ credit-rated. Hino Financial Services is vastly experienced in tailoring packages to suit particular customer needs and its access to low-cost funds ensures customers can obtain highly competitive finance," he said.

Hino has also recently announced substantial savings on many of its heavy duty models.

...ends/58393-1



 
IMAGES
Hino Australia national sales manager, Enzo Magistro, is urging small businesses to get a 50 per cent tax break on the purchase of Hino trucks before the offer expires on 31 December 2009.