Property Intellectual issue 42
Tax breaks for green buildings
On 20 January 2011, the Australian Government released a consultation paper on the proposed Tax Breaks for Green Buildings program (click here to view).
The release follows the announcement made during the 2010 Federal Election campaign. These proposed initiatives have been welcomed by the property industry.
A one-off bonus tax deduction of 50 per cent of the cost of eligible assets or capital works will be available to businesses that improve the energy efficiency of their existing buildings. The scheme is voluntary and is designed to encourage businesses to reduce greenhouse gas emissions and improve energy efficiency.
For further information, please refer the attachment below.