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.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Crypto staking: a new way to earn passive income
Partner Content
You may be familiar with traditional ways of earning passive income such as trading sto...
Etoro
Advertisement

Related Stories

Cannon-Brookes launches shareholder campaign against AGL demerger

Cannon-Brookes launches shareholder campaign against AGL demerger

Australian billionaire and Atlassian co-founder Mike Cannon-Brookes...

Action film The Fall Guy starring Ryan Gosling to inject $244m into the Australian economy

Action film The Fall Guy starring Ryan Gosling to inject $244m into the Australian economy

The Australian economy is expected to receive a $244 million inject...

Board clean-out on the cards for The Star as review told of mass resignation plan

Board clean-out on the cards for The Star as review told of mass resignation plan

The review of Star Entertainment Group (ASX: SGR) by the NSW gaming...

Gold Coast economy ‘turbocharged’ and tipped to outperform in post-pandemic rebound

Gold Coast economy ‘turbocharged’ and tipped to outperform in post-pandemic rebound

The Gold Coast economy is poised for a sharp post-pandemic recovery...