Get a 100% tax deduction for energy efficiency upgrade
Australian small and medium businesses:
Invest up to $20,000 n renewable energy and energy efficiency equipment, in the next five months, to get a 100% tax deduction.
Introduced in the 2015 Commonwealth budget and retained in the 2016 budget, is an immediate tax deduction for small businesses for every asset purchased costing less than $20,000, ending in June 2017.
So energy efficiency improvements, each costing under $20,000 will be able to be expensed, for tax purposes.
And many energy efficiency projects in small business typically require less than $20,000 or less than $20,000 per asset.
For example, it could include a $15,000 lighting upgrade, a $10,000 controls upgrade, and a $10,000 investment in insulation.
Similarly, an investment of $20,000 in renewable energy could buy a 15 kW solar power system or a 3 – 5 kW wind turbine (costs net of renewable energy certificates).
‘Small business’ isdefined as a business with a turnover of under $M2 / year.
To discuss this opportunity to invest in reducing your organisation’s energy costs (tax effectively) please phone Genesis Now.