Albanese Government Introduces Tax Deduction for Electrification

By Jeff Sykes on

NSW Government Interest Free Loans installed - aerial image

Solar Choice welcomes the announcement from the Albanese Government to provide an incentive to small businesses for electrification or energy-efficiency projects.

The announcement confirms that this will be available to businesses with less than $50million in turnover and will come in the form of a tax deduction of 20% of the cost of the investment.

For example, for a eligible project with $100,000 of total expenditure, the small business would be able to claim a $20,000 tax deduction in the same financial year. The incentive is also capped at $20,000 per business.

The assets will need to be first used or installed between the 1st of July 2023 and 30th of June 2024.

We are awaiting more details to understand if retrofitting a battery to a solar system, or including a battery as part of a new solar system would be considered an eligible project.

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Jeff Sykes
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Comments

  1. This is great but why isnt the Government doing more about the increasing uptake of Huawei inverters. Huawei are owned by the Chinese Government and are a real threat to our energy grid

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