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Published on June 12th 2020 in

MTA NSW welcomes extension of the enhanced instant asset write off stimulus initiative

The Motor Traders’ Association of NSW (MTA NSW), welcomed in conjunction with the Motor Trades Association of Australia (MTAA) and with support by Treasurer Josh Frydenberg, Jobs Minister Michaelia Cash, and Industry Minister Karen Andrews that the Federal Government’s Enhanced Instant Asset Write Off (IAWO) stimulus initiative will be extended to 31 December 2020.

The MTA NSW has provided the Morrison Government and officials including the Treasurer’s Office, Coronavirus Business Liaison Unit and the Australian Tax Office, information on; production, distribution and delivery delays being experienced across several major automotive industries, including new car and Farm Machinery retailing, as well as product suppliers for other auto industries.

Stavros Yallouridis, CEO of MTA NSW said, “The ongoing enhanced IAWO stimulus initiative is critical for Australian small businesses. The Government and Treasurer have recognised and dealt with issues MTA NSW Members and the MTAA have raised regarding the impacts of international production facility shutdowns, delays in distribution and delivery to Australia and how this was making the original 30 June 2020 purchase and implementation deadline impossible to achieve.”

MTA NSW and MTAA provided evidence that brands of tractors, other farm equipment including implements, cars, commercial vehicles and a range of other products including tools and equipment for technicians, motor body repair and other auto industries were facing significant delays, especially impacting smaller businesses taking up the initiative before 30 June.

“The decision to extend the initiative will mean many small businesses and primary producers would now be confident to able to make significant purchases ahead of the next season.” concluded Yallouridis.

MTA NSW is committed to working closely alongside MTAA to provide advice and information on a range of other reform and stimulus initiatives to ensure the Australian automotive sector not only recovers but can continue to grow and remain sustainable in the long term.

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