The Government recently announced they are extending a small business tax break that allows businesses to claim immediate deductions on purchases of $20K or less.
This means that if your business has an annual turnover of less than $10 million you can instantly write off purchases of up to $20k on your tax.
The purchase and installation of a solar system is an excellent way to get this deduction and help your business reduce spiralling power costs.
Of course, this applies only to business-related expenses even then there are a few things that won’t count but the good news is True Value Solar can help select the right solar system to your benefit.
Yes, you can use this deduction to implement solar!
Reducing operating costs goes straight to the bottom line and given that the past few years of constant power cost increases mean we’re now paying some of the world’s highest rates, solar makes solid financial sense for just about any business with a roof.
Once you choose solar for your business, not only do you get an immediate deduction from your taxable income, you’re looking at years of savings on your power bills, not to mention the priceless opportunity to decrease your business’ carbon footprint.
Some of the ways solar can benefit your business
As well as the instant tax benefit, solar can bring your business powerful rewards over the long term.
Here are a few of the ways solar can help your business:
- Lower overheads: While the quantum of the financial benefit varies from business to business, if your business has large power bills and operates mainly during daylight hours, you’ll likely make significant savings with solar.
- Boost your customer appeal: Many consumers these days are concerned about environmental issues.Being solar powered is a powerful way to appeal to environmentally conscious customers and build an environmentally sustainable brand.
This doesn’t apply if you write off the total capex in advance for purchases of $20K or under.
To find out if your business would be a good candidate for solar, call 137652 and speak to one of our commercial solar experts today! A short consultation will help identify your system needs, potential savings, costs and payback period.