Special incentives for business solar

Federal Government’s 2020 stimulus package for business

In recent years the Federal Government has frequently increased the instant asset write-off before tax time on 30th June. For 2020 the instant asset write-off threshold has been increased from $30,000 to $150,000 and expanded to include businesses with aggregated annual turnover of less than $500 million until 30 June 2020. These eligible businesses are be able to deduct 50 per cent of the cost of a solar system on installation, with existing depreciation rules applying to the balance of the asset’s cost.

Solar power is an excellent match for businesses who consume power during daylight hours and these stimulus measures further improve the financial case. We strongly recommend getting professional advice from your Accountant or Financial Adviser to see if investing in solar with an instant asset write-off is right for your business.

Link to Australian Government Treasury website for further details: https://treasury.gov.au/coronavirus/businesses

Asset write off info can be found here:https://www.lgenergy.com.au/commercial