The AADA is generally supportive of the 2020-21 Federal Budget which provides a strong plan for economic recovery. Our public response to the Budget is available in the AADA Media Release issued last night. Initiatives such as temporary full expensing measures and the apprenticeships wage subsidy should create early benefits for our industry while the consumer credit reforms and lower income taxes will also have a positive flow on effect for new car Dealers.
We do however remain disappointed that import tariffs and the luxury car taxes remain unchanged, though tariffs are scheduled to reduce significantly in 2022-23.
We have prepared the attached 2020-21 Budget Briefing paper for members which provides a summary and brief explanation of the measures that are relevant.
Further details are also available on the Government’s Budget Website.
Dealers are advised to contact their accountants to provide detail on how the Budget will affect them and what parts of it they may be eligible for.