MTA NSW has welcomed both the Federal Government and NSW Government recent stimulus measures, citing a number of benefits for its members.
MTA NSW CEO Stavros Yallouridis said it would assists members to continue providing the vital services that ensure NSW would keep on the move.
“Government action is needed to assist the thousands of small and medium-sized businesses that our members operate, which will potentially be hard hit by the downturn in commercial activity arising from Covid-19 – these measures are a good starting point,” he said.
Yallouridis singled out the Federal Government’s immediate increase to the instant asset write-off threshold to $150,000, combined with investment incentives of accelerated depreciation as being of particular benefit to MTA NSW members. “Now is a very good time for businesses to invest in new equipment, and be better placed to reap the benefits of any upturn in the economy that will occur after the main effects of the virus have passed.”
He also strongly welcomed the Federal Government’s support for apprentices and trainees. “The 50 percent wage subsidy payable towards these highly-valued employees will be of real benefit," Yallouridis said.
The recent NSW Government announcement regarding the waiver of payroll tax for businesses with payrolls of up to $10million for three months will also be of benefit to many members providing welcome cash flow support to help keep paying bills and maintain payments to their own suppliers.
“We hope the effects of Covid-19 are relatively short lived and that businesses can survive the duration and continue providing employment to their staff. These stimulus packages will make a valuable contribution towards achieving that objective.