Victoria’s motor vehicle industry is responsible for approximately 60 percent of Australia’s turnover in this industry.[i] From major car manufacturers, designers, engineers, to car sales, the motor vehicle industry is incredibly diverse and renowned for its innovation and skill. Despite this, government regulations and taxation laws are frequently changing, and as the industry becomes more competitive, with various plant closures and relocations to overseas factories, these can have a spill over affect into the rest of the motor vehicle industry. Depreciation of assets and other issues relating to stock can be complex to consider.
Whether a small, medium or large business involved in the motor vehicle industry, such as mechanics, panelbeaters, window tinting services, motor vehicle fitters ect, it is very important to be well aware of changes to government laws and regulations, as well as changes to the industry that can affect competition levels. Engaging an accounting firm that can take great care of your specific needs, whilst having a whole-of-industry understanding, is crucial.
At Think Accountants, we have an in depth understanding of the motor vehicle industry, its diversity, and we stay up to date with changes in the industry in Australia. Whether you are a small, medium or large business, we can provide extensive accounting support, as well as ongoing business advice to ensure that you are taken care of in this dynamic industry.