Car Sales Fall As Tax Break Ends

Australian new vehicle sales fell in July as a tax break on assets for large companies came to an end. Under the special investment allowance, small companies are entitled to a tax break of 50% on assets over AUD1,000 and this will continue until year-end. Larger companies were given a 30% allowance on assets over AUD10,000 and this ended on July 30, although they will still be entitled to a 10% reduction in tax. The scheme had boosted sales earlier in the year but in July, total vehicle sales fell by 10.3% year-on-year (y-o-y) and 26.7% compared to

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