Federal Chamber of Automotive Industries calls on Government for extension of the Instant Asset Write Off initiative.
Official V-Facts car sales figures show May sales reflected a 35 per cent reduction over May last year – an improvement over the 48 per cent decline in April year on year however still very disappointing. The new vehicle industry is hoping for a much bigger improvement this month, June the biggest selling new vehicle month of the year. The Federal Chamber of Automotive industries now calling on the Government to extend the Instant Asset Write Off Initiative past its current June 30 deadline. The Instant Asset Write Off threshold for this financial year increased to $150,000 – however vehicles defined as able to carry a load less than one tonne and fewer than nine passengers are allowed to claim $57,581 – for vehicles costing up to $150,000 in price and able to carry more than one tonne or more than nine passengers you are able to claim the full purchase price back. Little wonder sales of RAM’s 1500 utes had a whopper month.
I’m David Berthon
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