The 2023-24 Federal Budget is focused on “Stronger foundations for a better future”. There is a strong focus on delivering cost of living relief, growing the economy, and relieving inflationary pressures.
We are disappointed that the instant asset write off/temporary expensing scheme will not continue beyond 30 June 2023, as it has allowed businesses to invest in modern, safer, and cleaner vehicles.
Dealers will soon be asked by the government to make significant investments in clean energy infrastructure, to support their goals of boosting renewable energy generation and distribution. An extended scheme would have not only provided a much-needed stimulus for Dealer’s businesses but would also have helped incentivise the uptake of more fuel-efficient vehicles, which would align with the government’s broader clean energy objectives. The government’s decision to not extend the scheme is therefore seen as a missed opportunity to support small businesses in their efforts to transition to cleaner energy alternatives.
AADA will be engaging with the Government to try and get considerations for those vehicles that were ordered under the current instant asset write off scheme, however, due to the shortages and associated delivery delays, may not be delivered before the scheme is now due to expire in less than two months’ time.
Other support initiatives aimed at small business have been limited to those businesses with a turnover of less than $50 million, so may not be applicable to many Dealers.
We have prepared the attached 2023-24 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.
DOWNLOAD 2023-24 BUDGET BRIEFING