Autumn 2020

Talk Around Town

This year has started off with a few issues, namely the fires and now the current threat, the Coronavirus, but there is enough written about those without having to re-cap.

I want to say how proud I am, how proud the whole team at Transport Finance is to be working not only within the Transport sector, but with Civil, Construction and not to mention our Pharmacy clients. I big thank you and congratulations on continued service to all.

The work ethic that we have encountered over the past 6-8 weeks in a time of difficulty for the country, amid State based restrictions, State borders closing, Social distancing and home lockdowns – the spirit our customers that has simply rolled up its collective sleeves and marches on has been fantastic.

We have continued to work from the office/s that we all work from – quiet frankly we have experienced the busiest three months just gone than we have for nearly 2 years.

There is a range of offers from both State & Federal Governments on offer to assist all businesses – I have highlighted some of these available in this newsletter. They are a moving target with new offers of assistance announced almost every 48 hours – these listed here are a guide but will NOT be all that is available – please go online and research these for yourself or contact your accountant for advice.

Also, the Banks are offering deferment options on a range of loans, home loans, equipment loans and business loans ranging from 3 or 6 months at this stage.

Our Commitment To You

The Banking Royal Commission some 9-10 months ago now highlighted a lot of faults within the Banking system and has caused a tightening of credit availability to the small and medium sized businesses across the country.

The current Covid-19 pandemic has caused a second round of tightening with the Banks/Finance Companies credit departments. You now need to have all financial reports up to date and provide answers on how your business is dealing with the impact of Covid-19.

Some lenders have also withdrawn their automatic or ‘Tick & Flick’ approval offerings – meaning that each new application must now be a full credit submission. This is a good thing for Transport Finance as we have the systems and knowledge to facilitate these and believe that we are perfectly placed with 25 years’ experience to present a full credit submission to our lending panel, complete and ready for them to make a decision on.

At Transport Finance – we will need to ‘spread’ your lending requirements across a much broader range of Banks/Finance Companies than ever before. In the past, the Big 4 Banks plus a few would receive 60% of the loans settled. We are now seeing our business spread much further with the Big 4 + a few down to around 30%. This doesn’t mean that we are not getting business settled, on the contrary, we are getting just about every deal that hits our desks approved but using a greater range of lenders to achieve this outcome.

With ‘working from home’ in full swing at the Banks and their off-shore processing centre’s in the Philippines, Malaysia and so on all but closed – there is a delay in the processing of applications and settlements are taking upwards of 4 days. We will be advising you at every stage along the journey as well as the dealership or seller of the goods.

Let me assure each one of our clients that our commitment to providing you with the very best customer service experience has not waned. It is our intention to communicate, discuss and advise you at every step of the process so that you, the client, feel fully informed of exactly where your application is, what the expected timeframe will be and what we are doing to progress the loan towards a successful outcome. 


BOTH of the 2 initiatives shown below are available to ALL businesses with an annual turnover of less than $500 mil.


  1. Any eligible asset (vehicles, machinery etc) with a purchase price of $150,000 or less
    (excluding GST) acquired from March 12th to June 30th 2020.
  2. Asset can be NEW or USED (including Private Sales).
  3. The $150,000 limit is available for each individual asset and therefore multiple assets
    (totalling more than $150,000) can be claimed under this arrangement.
  4. There is NO LIMIT to the number of assets acquired under this initiative.
  5. Assets can be purchased outright or financed on Chattel Mortgage or CHP
  6. This initiative is ONLY available until June 30 2020 and as such is a very small window of
    opportunity. ACT NOW.


  1. Any eligible asset (vehicles, machinery etc) with a purchase price GREATER THAN $150,000
    (excluding GST) acquired from March 12th to June 30th 2021.
  2. Assets MUST be NEW (NOT USED).
  3. There is NO LIMIT to the number of assets acquired under this initiative.
  4. Assets can be purchased outright or financed on Chattel Mortgage or CHP.
  5. This initiative is available for 15 months (until June 30 2021).
  6. This extended initiative will also be applicable to assets of $150,000 or less for an extra year
    once the $150,000 Instant Asset Write Off has expired on June 30 2020.


The $130 billion funding marks a third tranche of stimulus designed to limit the fallout of the coronavirus pandemic on the country’s economy.

Under the $130 billion plan, which was announced on Monday, businesses will be given the fortnightly wage subsidy to help pay their employee’s wages for at least six months while the business is put into ‘hibernation’.

People eligible to receive the $1,500 fortnightly payments include:
Full-time workers
Part-time workers
Sole traders
Casuals who have been with their employer for 12 months+
New Zealanders on 444 visas
Not-for-profit entities

Those seeking more information should talk to your Accountant.

Government COVID-19 Stimulus Plan: Tax-related Measures

Note: current as of 25 March 2020

Federal Government 

Stimulus MeasuresEffective Date
Support for businesses
Instant asset write off 
Instant asset write-off threshold for depreciating assets under $150,000 for businesses with aggregated annual turnover of less than $500m

The depreciable assets applies to both new and second hand assets first used or installed ready for use from 12 March 2020 to 30 June 2020 

The instant asset write off will revert to $1,000 for small businesses (turnover less than $10 million) from 1 July 2020 
12 March 2020 to 30 June 2020                                                   
Business accelerated rate of depreciation 
Immediate deduction of 50% for eligible expenditure that does not fall within the above instant asset write-off, either because the item exceeds the $150,000 threshold, or the item is not first used or installed ready for use by 30 June 2020 for businesses with aggregated annual turnover of less than $500m 

Eligible asset are new depreciable assets acquired after 12 March 2020 and first used or installed by 30 June 2021

This incentive does not apply to second-hand Division 40 assets, or buildings and other capital works depreciable under Division 43
12 March 2020 to 30 June 2021
Cash payments for SMEs employers and charities
Businesses and not for profit organisations with turnover less than $50 million will receive cash flow boost payment between a minimum of $20,000 and up to $100,000

Eligible employers that withhold tax on their employees’ salary and wages will receive a payment equal to 100 per cent of the amount withheld, up to a maximum payment of $50,000 for each phase of the payment

The payment will be made in two periods, firstly the quarters ending in March 2020 or June 2020 and secondly the quarters ending June 2020 and September 2020 for quarterly BAS lodgers and the relevant monthly periods for monthly BAS lodgers

It will be generated automatically and will be a tax free amount. It will be included as credit on the relevant entity’s Business Activity Statements

Entity must have held an ABN on 12 March 2020 and have carried on an enterprise at that time
March 2020 BAS to September 2020 BAS
50% subsidy apprentice wages
Wage subsidy of 50% of apprentice or trainee wages for up to 9 months from January 2020 to September 2020, maximum benefit is $21,000 per apprentice or trainee, for small businesses with fewer than 20 full time employees
January 2020 to September 2020
ATO concessions
PAYG concession SMEs can vary the PAYG instalment amounts to zero from the March 2020 quarter, and claim a refund for any instalments made for the September 2019 and December 2019 quarters taxpayers

BAS payment deferral: Taxpayers can request the ATO to allow deferral of payments of BAS (GST liability, PAYG instalments and FBT) for 4-6 months

Monthly BAS: taxpayers on quarterly GST reporting can opt into monthly GST reporting

Remission of interest and penalties: Remitting any interest and penalties incurred on tax liabilities on or after 23 January 2020 for taxpayers impacted by COVID-19
From March 2020 quarter determined per case
Support for individuals and households
Individuals affected by the Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21. Individuals will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink or Veterans’ Affairs payments.
From mid-April 2020 

State and Territory Governments

StateStimulus Measures

Payroll tax waived for the March 2020, April 2020 and May 2020 payroll tax returns  25% reduction on payroll tax payable in the payroll annual reconciliation due by 28 July 2020, for business whose total grouped Australian wage for FY19/20 is less than $10 million Payroll tax threshold increased to $1 million from 1 July 2020
ACTPayroll tax waived for 6 months for businesses in the hospitality, arts and entertainment industry Payroll tax deferral for FY20/21 for businesses grouped with Australian wages up to $10 million until July 2022
VICPayroll tax waived for FY19/20 for businesses with annual taxable wage up to $3 million. The eligibility threshold applies to each employer, so any member of a group that pays taxable wages of less than $3 million per annum will be eligible. Payroll tax deferral for first quarter of FY20/21 for businesses with annual taxable wage up to $3 million until January 2021 Land tax deferral for the 2020 land tax payment until 31 December 2020, for land owners with at least one non-residential property and total taxable landholding below $1 million. Payment will be required in full by 31 March 2021
QLD6 months payroll tax deferral for all businesses until 3 August 2020. Need to make online payroll tax deferral application 
WAPayroll tax deferral for FY19/20 for businesses with annual Australian taxable wage <$7.5 million until 21 July 2020. Need to make online payroll tax deferral application  An one off grant of $17,500 to be automatically paid to businesses with annual Australian taxable wages between $1 million and $4 million, paid from July 2020 Payroll tax threshold increased to $1 million from 1 July 2020
NTExtend the existing payroll tax exemption for hiring Territory employees to 30 June 2021
TASPayroll tax waived for the March 2020, April 2020, May 2020 June 2020 payroll tax returns for businesses in the hospitality, tourism, seafood industry businesses and businesses with annual payroll of up to $5 million 12-month payroll tax rebate for businesses that employ persons under 24 between April and December 2020