EOFY – A Great Time For Small Business To Go Solar
June 30 is coming.
Just prior to the end of this financial year is a great time to install a solar power system – particularly for small business owners in Australia.
For small businesses, it could mean a significant deduction in the form of a solar power investment.
The ATO announced a boost to the value of items that can be written off immediately – threshold amount for each asset is $150,000 (up from $30,000)
The main aim of the policy is to help businesses withstand and recover from any economic impact due to COVID-19.
Before small business owners rush out and acquire a solar power system, it’s important to consult with a tax professional to ensure installing solar would qualify for accelerated depreciation in their circumstances.
Solar is of particular benefit to many small businesses as the power is produced during business hours; reducing the need to draw electricity from the mains grid at peak daytime rates.