The Australian Government is supporting Australian businesses by providing investment measures to 3.5 million businesses in response to the economic impacts of the Coronavirus.
Originally announced in March the expanded Instant Asset Write Off scheme was set to end June 30, but the Government has now given businesses an extra 6 months. The expanded scheme:
- Lifts the threshold to $150,000 (from $30,000)
- Extends to businesses with aggregated annual turnover of less than $500 million (up from $50 million)
- Ends at the end of the year
The scheme means that you can reduce the amount of tax that your business has to pay. Based on the current company tax rate of 27.5%, you would “get back” around $30,000 on a 100kW solar system or around $7,000 on a 30kW solar system. Not only that, but when you invest in solar, your energy bills are going to significantly reduce – freeing up even more cash for your business. All this can be achieved with $0 upfront capital expenditure if you secure a loan with one of our finance partners.
Take the first step in ensuring your business has more freedom to grow and contact us now for a quote. Be quick – to take advantage of the instant asset write-off***, the system must be purchased and installed by 30 June, 2020.
* Calculated at a company tax rate of 27.5%. We are not tax specialists. We highly recommend that you speak with an accountant on how the instant asset write-off works for you.
** Actual savings to electricity bills vary depending on energy usage and what you are paying for your electricity.
*** The revised Instant Asset Write-Off will require legislative changes before it can take effect.