Tidd Ross Todd (TRT) has released a free online stimulus savings calculator designed to calculate the tax deductions available to eligible Australian businesses that are planning to purchase assets under the Australian Federal Government’s Business Stimulus Packages, which were released late March 2020, as part of the COVID-19 recovery package.
“As a manufacturer of innovative, high quality assets including the TIDD Crane and heavy haulage trailers, TRT wanted to make it easier for customers to clearly understand the benefits available, so we created a free no obligation online tax savings calculator. We like to lead innovation in our industry and we see this calculator as a part of that leadership.” Says Bruce Carden, TRT’s Director of Sales and Innovation.
The stimulus package includes two options for companies looking to purchase assets in 2020 and 2021. The IAWO – Instant Asset Write Off allows companies that purchase new or used assets under AUD150,000, before 30 June 2020, to claim back 100% depreciation. The BBI – Backing Business Investment allows customers to write off 50% upfront of all new asset purchases over AUD30,000 up until 30 June 2021.
Carden explains, “The calculator is simple to use. It requires some basic information that most will know, including the assets value, date of purchase, and company tax rate. It then automatically calculates the stimulus package you qualify for and how much you can save – of course we’re not accountants so we highly recommend seeking financial advice before making any commitments”.
TRT recognise the very real pressure our customer and businesses across Australia and New Zealand are under. So not only have we invested in setting up this calculator, TRT have also developed a number of big support packages that work along-side the Government stimulus, to ease cashflow and help businesses make good decisions for their future, even when we are experiencing unprecedented uncertainty.
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He continues, “The one thing we can be certain of is that there is continued and expanding Government investment in infrastructure and construction on both sides of the Tasman”, says Carden.
“As a local manufacturer that is highly committed to our customers and industry, we have a lot of flexibility and control through the production process, so we wanted to proactively support future growth in our industry. The TRT support packages sit alongside the Government Stimulus, so together they provide huge benefits around cashflow and business commitments. Ultimately, helping businesses navigate the COVID-19 recovery with real peace of mind”.
TRT’s asset support packages include, 6-month payment holidays, extended warranty, flexibility on deposits and delivery schedules, and free service support. These additional packages are available until 30 June 2020.
“We want our customers to think ahead, and to be ahead of the competition, as things ramp back up. Because they have supported us for more than 20 years in Australia, we want to do what we can to support them too. By unlocking these deals, it also means that a TRT manufactured asset, like a Low Loader or a TIDD Crane can provide a real return before its paid for – and that’s just smart business”.
The free tax savings calculator is available online at https://go.trtaustralia.com.au/calculator/