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The National Australia Bank (NAB) immediately passed on the benefits of the Commonwealth Government's accelerated depreciation reform announced in last week's Budget.
NAB Head of Asset Finance, David Taylor said: "Leasing new plant and equipment with NAB just got cheaper."
"The new tax arrangements increase the diminishing value rate for depreciation of business assets from 150 per cent to 200 per cent. This will allow businesses to write off the cost of new plant and equipment more rapidly for tax purposes, reducing the cost of investing in new assets.
"On a $200,000 truck finance lease, we estimate a total gross rental saving of around $1200," Mr Taylor said.
The asset finance market continues to record strong growth across a range of industries, and this initiative should further stimulate demand.
NAB's asset finance division is considered a market leader in equipment finance with specialist teams in each State supporting a network of business bankers across Australia.
About NAB Business and Private Banking
The National Australia Bank employs over 5,650 business banking specialists and 450 financial planners and specialists at over 158 business banking centres Australia wide. It is one of the market leaders in providing business banking services to Australian business. For further information visit http://www.nab.com.au/Business_Solutions
For further media information, please contact:
John Fergusson
NAB Corporate Affairs
Business & Private
Mob: 0407 826 952
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