Government extends temporary Instant Asset Write-off Provisions for Commercial Rooftop Solar Systems for Eligible Businesses
On 6 October 2020, the Federal Government extended the temporary instant asset write-off (IAWO) provisions to 30 June 2022.
This is an unprecedented opportunity to invest in rooftop solar on commercial premises and slash electricity costs to improve your business’s bottom line.
How it works
- Businesses with an aggregated turnover of up to $5 billion are eligible.
- Depreciating assets include commercial rooftop solar installations.
- Deduction claims can be made for the year in which the equipment is used or installed and ready for use.
- You can borrow funds to purchase your rooftop solar system and still claim a deduction or apply for Planet Ark Power’s finance solution.
- Depreciating assets must be acquired after 6 October 2020 and installed and operating by 30 June 2022.
- Further changes announced by the Federal Treasurer now mean more businesses qualify.
- For more information on whether your business is eligible to apply go to www.ato.gov.au/Business
Ask us how Planet Ark Power’s Finance Solution can put solar on your commercial rooftop
Planet Ark Power can provide finance chattel mortgage solutions (note a finance lease will not work with this incentive) to assist in the procurement process and optimise your cash flow. The chattel mortgage is a conventional method by which Australian businesses finance their assets. It is a commercial finance product where a financier lends the money to buy an asset and the customer makes regular payments as agreed with the financier. The customer assumes ownership of the asset, but the financier has a mortgage over it until the loan is paid.
Now is the time to switch to cheaper, solar energy at your business
With the extension in these temporary government incentives, it has never been a better time to invest in cheaper, cleaner energy for your business.
For more information go to: https://www.ato.gov.au/Business/Depreciation-and-capital-expenses-and-allowances/ and then contact the Planet Ark Power team using the form below or on 1300 323 221.