Solar incentive increased for Businesses

Write-off solar systems up to $150,000 before 30/6/20

Lost in the news today has been the Governments decision: “From today, the Government is increasing the instant asset write-off threshold from $30,000 to $150,000 and expanding access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020.”

Businesses are now able to instantly asset write-off solar systems of $150,000 or less purchased this financial year (30 June 2020). In an interview with Nine News Australia, Prime Minister Scott Morrison said this would give businesses the “confidence” to go ahead and purchase and install equipment “because they will be able to write-off completely, 100%.” Bolstering this support is “backing business investment”, another incentive in place until 30 June 2021 that accelerates depreciation deductions.

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