Instant Asset Write Offs
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All the above options are made even more financially accessible by changes to tax law that were announced in the last two Federal budgets. Instant Asset Write Offs allow businesses with a turnover of up to $500 million to claim immediate100% reduction of depreciable assets up to $150,000. This means that companies are able to decrease their taxable income by the same amount that they pay for their smart energy assets in the same year that they install them. This temporary full expensing tax write-off makes energy efficiency options like solar, batteries, EVs and other environmental upgrades more affordable than ever. It has now been extended to 30 June 2023.