Tax break ploughs Chesterfield profits

BOLSTERED by the Federal Government’s investment allowance tax break, farming equipment company Chesterfield Australia has increased turnover by 40 per cent this year.

CEO Finance Robert Nix, says because of the investment allowance, farmers have been able to claim a tax break of up to 50 per cent on depreciable assets since December 13.

“This sort of legislation has been in place before in the mid-80s — this time we’ve increased turnover by 40 per cent from $120 million to $170 million, largely driven by these initiatives,” he says.

“We’ve made an acquisition this year as well – we purchased Chesterfield Inverell, which used to be McBean and Son.

“Staff has increased slowly over that this time as we have been able to increase efficiencies for employees to handle products better – this has come from a central administration and moving our head office from Acacia Ridge to a new one at Murarrie.”

Nix claims Chesterfield holds 40 per cent market share in Queensland and south as far as Dubbo, but he plans to increase the firm’s presence in the industrial side of operations.

“The first side of the business is lawn care, golf and turf equipment, the second is agriculture and the third is the industrial market, with products like the Kobelco Escalator.

“We see this as the largest growth potential and we hope to have industrial operations 50-50 with the other two areas,” he says.

Get our daily business news

Sign up to our free email news updates.

 
Finexia’s Childcare Income Fund secures ‘very strong’ rating from Foresight Analytics & Ratings
Partner Content
Private credit specialist Finexia Financial Group (ASX: FNX) has secured a “very...
Finexia
Advertisement

Related Stories

Macquarie Bank slapped with $10m fine after failing to monitor fraudulent transactions

Macquarie Bank slapped with $10m fine after failing to monitor fraudulent transactions

Financial services giant Macquarie Group's (ASX: MQG) bank...

Tritium charged down as administrators called in

Tritium charged down as administrators called in

Five months after attempting to turn its fortunes through jobs cuts...

Just Wines acquires collapsed spirit subscription service Liquor Loot for $1.2m

Just Wines acquires collapsed spirit subscription service Liquor Loot for $1.2m

Only eight months since rescuing non-alcoholic specialty store Sans...

UniSuper pumps $623m into Macquarie green energy and climate fund

UniSuper pumps $623m into Macquarie green energy and climate fund

One of the nation’s largest super funds, UniSuper, has commit...