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If you are a business owner in Australia, you may have heard about the instant asset write-off program that allows businesses to claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used or installed ready for use. This program has been particularly useful for businesses that have been looking to invest in renewable energy, such as solar power.
However, the Instant Tax Write-Off is set to end on June 30, 2023. This means businesses looking to take advantage of the program must act quickly.
Investing in solar power can be expensive, but the instant asset write-off program can help businesses save a significant amount of money. By installing solar power before the end of the financial year, businesses can write off the full cost of the installation in the same year, reducing their tax bill.
Solar power is an excellent way for businesses to reduce their energy costs. With continuously increasing electricity prices, businesses that invest in solar power can save big on their electricity bills. Furthermore, solar power is a sustainable energy source that can help businesses reduce their carbon footprint and demonstrate their commitment to sustainability.
In addition to the instant asset write-off program, the government also offers solar rebates for businesses. These incentives, such as the STCs, can help businesses save even more money on their solar installation costs. The STCs are tradeable, meaning that businesses can sell them to generate additional income.
If you are considering investing in solar power for your business, working with a reputable solar installer who can guide you through the installation process is essential. A good installer will be able to advise you on the best system for your business, help you apply for government incentives, and ensure that your system is installed to the highest standard.
Many of our clients have claimed up to $60,000 immediately upon installing a solar solution by leveraging government incentives like the Tax Write Off and STCs. While this may sound unbelievable, it's true. We encourage all business owners to speak with a tax accountant or financial advisor to fully understand the potential savings, as well as to book a consultation with one of our energy experts to explore their solar options.
In conclusion, the instant asset write-off program for businesses installing solar power in Australia is coming to an end soon. Business owners who are yet to invest in solar power should act fast to take advantage of this program before it's too late. With the additional solar rebates offered by the government and continuously increasing electricity prices, investing in solar power is an excellent opportunity for businesses to save money on their energy bills while contributing to a more sustainable future. Don't wait any longer, take advantage of this opportunity today.
