The media hasn’t just been dominated by Government announcements from the Prime Minister alone. Scott Buchholz, the Assistant Minister for Road Safety and Freight Transport, has also been actively engaged in recent months, introducing significant announcements and transformations within the trucking and transport sector. In case you might have overlooked them, we’re here to provide a recap and keep you updated on these developments. Consider how these changes could potentially serve as the catalyst you’ve been awaiting to make that new truck investment.
Cattle Transport Efficiency Measures
Improved efficiency is being flagged for the cattle transport sector with the removal of some of the red tape involved. The NHVR (National Heavy Vehicle Regulator) announce a New National Operation Advice which removes the requirement for registration numbers to be included on Class 3 Livestock Vehicle permits.
Mr Bucholz is reported as stating that the NOA, to be implemented from 1 December this year, was achieved through advocacy by the Australian Livestock and Rural Transport Association. He said it was common for farmers who have the Class 3 permits, to utilise other operators to transport their stock. So when the vehicle with that permit was unavailable, farmers had needed to obtain the correct permit for the vehicle engaged for the work. Slowing down the process considerably and adding to their workload.
By removing the requirement, he said the red tape was being cut to achieve efficiency improvements and better outcome in regard to animal welfare. Apparently, under the new requirements farmers would not require the specific rego of the vehicle just the permit to reflect what kind of vehicle.
Industry bodies claim that this change will allow truck owners and transport carriers to take on jobs without the previous red tape and the delays that were involved. For more information on this change
Note that Jade Truck Loans offers cheap finance for livestock trucks and trailers. So if this news is a reason to consider investing in a new vehicle, give us a call for a quick quote.
Electronic Work Diaries are Now Operational
As we reported in another article, EWDs were coming and 1 December 2020 marks the date for the roll-out. You can forget the pen and paper and simply record rest and work hours in your electronic diary.
Queensland Roads Infrastructure
Scott Buchholz was in Central Queensland in early December, meeting with regional mayors and discussing the Federal Government’s roads infrastructure projects spends in the area. In particular, he mentioned the Heavy Vehicle Safety and Productivity Program, Roads of Strategic Importance and Local Roads and Community Infrastructure Program. These programs will provide upgrades to Queensland roads and transport hubs.
No doubt great news for truck operators that work in and into these areas. These upgrades to roads and infrastructure are seen as key to maintaining supply chains and no doubt delivering business efficiency and productivity outcomes for truck owners.
Truck Finance Interest Rate Update
While news on infrastructure and roads is welcomed, if you’re in the market to buy a new truck, you could be more elated with the news on the interest rate front. Interest rates across the board are at historic lows, courtesy of RBA measures in response to the global pandemic and the economic downturn caused.
Interest rates are expected to remain low into 2021. While Jade Truck Loans always offers the cheapest truck finance deals with our better interest rate commitment, we welcome these historic low rates to offer our customers even better deals.
To see exactly how low our interest rates on truck loans and other business finance can be and compare to other rates you may source, check out our loan comparison chart.
Truck Offers and Incentives
As we approach the end of the year, it’s an apt moment to highlight the incentives still available to sweeten the deal on a new truck purchase. 2020 has presented truck buyers with a myriad of opportunities to be thankful for, even if the silver linings emerged from notably challenging circumstances. The economic fallout from the coronavirus pandemic prompted the Federal Government to roll out exceptional economic support measures.
For new enterprises, Truck Finance for New Business is an area of our expertise, providing tailored solutions that cater specifically to burgeoning ventures.
While many businesses initially hesitated in adopting the Instant Asset Write-off measure when first introduced in March, as the economic landscape evolved and the provisions expanded, a growing number of companies are now harnessing the full potential of the benefits at hand.
As previously discussed, the Federal Budget introduced strategies like temporary full expensing, serving as a compelling incentive for businesses to invest in a new truck before the expiration of this initiative. For clarity, this measure closely mirrors the IAWO, but it is an enhanced and prolonged version, making it accessible to a broader spectrum of businesses and encompassing a wider range of assets.
So if you have originally discounted IAWO as you were not eligible, it may be worth having that conversation with your accountant around your eligibility for temporary full expensing. Check out all the details at ATO.
Jade remains at the forefront of providing affordable truck finance deals, and we’re here to guide you in securing the best package from our extensive lending panel. If you’re eager to tap into the current offers and incentives, don’t hesitate to get in touch. Get A Quote or reach out directly, and one of our consultants will engage with you to understand and meet your specific needs.
To discuss a cheap truck loan contact Jade Truck Loans on 1300 000 003.
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