With the Australian Government having extended COVID-19 tax incentives for large asset purchases, TRT Australia has released an updated, free calculator that determines the estimated tax savings available to eligible businesses.
The Australian Government has extended COVID-19 tax incentives for large asset purchases. There are two significant tax incentives available: Under the Australian Federal Government’s Business Temporary Full Expensing (FEDA), you can claim the full expense for any asset purchase, for a limited time. Loss Carry Back offers a way to claim back tax paid in previous years.
Neil Webb, General Manager for TRT Australia explained why TRT had made the investment in a new online calculator.
“As a manufacturer of innovative, high-quality assets, TRT wanted to create a free, easy to use tool, to help business in general. Our previous stimulus calculator was very popular because it was so simple, so we knew this would be a great new tool for customers,” said Webb.
“While TRT’s tax savings calculator does not replace advice from an accountant, we wanted to make it possible for a business to instantly see the potential savings when purchasing new equipment, whether from us or any other supplier. We like to lead innovation, and we see this as an opportunity to lead from the front.”
TRT has pre-programmed the calculator to show the savings associated with the purchase of a TIDD PC28 Pick and Carry Crane, a crane manufactured by TRT. This calculator has a simple three step process. Users only need to know what asset they want to purchase, and basic information including the asset cost, company tax rate and the life of the asset to estimate the tax savings.
“With increasing demand for equipment and lifting solutions, our customers tell us that investment cost and delivery times frames are top of mind considerations when making purchase decisions,” Webb explained.
“For example; as we manufacture the TIDD Crane, we have been able to manage consistent delivery times, even with the supply chain issues across all sectors. As a result, TIDD Crane maintains a four-month delivery schedule, and by using the calculator, it also has tax savings of over $120,000. So, for us it’s about providing information that can help keep our industry and Australia moving.”
FEDA tax incentive for new asset purchases is all operations with a turnover under $5 billion annually, used purchases and upgrades to assets are also eligible to operations with an income under $50 million annually. This is explained in simple language on the calculator website as well as how “Loss Carry Back Tax Offset” can also improve business cash flow.
“We have also added a number of clickable examples of TRT manufactured products including heavy haulage floats and crane trailers, and the OEM cranes brands we represent, including Grove All Terrain Cranes and KOBELCO Crawler Cranes, with pricing guides to help make the calculator even more simple to use,” Webb added.
To access the TRT calculator, click here.
About TRT
TRT – Tidd Ross Todd and TRT (Aust) is a privately owned, family business, operating more than 55 years (est. 1967) and 23 years in Australia.
Key manufacturing facilities and head office is in Hamilton, New Zealand. TRT’s Australian operations are based in Murarrie, Queensland. TRT operates throughout Australia, New Zealand, PNG, and the South Pacific. There are branches and warehouse facilities in Hamilton, Auckland and Christchurch, NZ.
TRT manufacture the TIDD PC28 Pick and Carry Crane, a wide range of heavy haulage trailers, crane outrigger pads, and Traction Air CTI. The company represents Manitowoc Grove in Queensland and New Zealand and Kobelco Cranes in the greater Oceania region, which includes Australia and New Zealand. These products are supported by the TRT Australia operation in service and spare parts. TIDD Crane is also supported by a nationwide authorised dealer network.
TRT manufacturing facilities are certified under ISO 9001:2015. TRT has around 220 employees working within four integrated businesses; manufacturing, truck and trailer parts, mechanical service and repair, and crane sales, service, and parts. TRT service the construction, mining, infrastructure, defence, and transport industries.