Tax Incentives to build-to-rent housing

  • A Media Release only at this stage and proposed to take effect in the 2023-24 Year.
  • Increase in the capital works deduction (depreciation) rate from 2.5 per cent to 4 per cent per year for eligible new build-to-rent projects where construction commences after 9 May 2023.

Would you like to know more?…..stay tuned for our next update.

Small Business Energy Incentive

A Media Release only at this stage – proposed to take effect in the 2023-24 Year.

KEY POINTS

  • The Treasurer has announced a small business energy incentive that will provide eligible businesses with a bonus tax deduction on spending to support electrification and more efficient use of energy.
  • A business with an annual turnover of less than $50 million will be able to access an additional 20 per cent deduction on eligible expenditure up to $100,000 — with a maximum bonus deduction of $20,000.
  • Eligible assets or upgrades will need to be first used or installed ready for use between 1 July 2023 and 30 June 2024.

Eligible expenditure, which may include investments such as:

  • heating and cooling systems
  • upgrading to more efficient fridges and induction cooktops
  • installing batteries and heat pumps.

Up to $100,000 of total expenditure will be eligible for the incentive, with the maximum bonus tax deduction being $20,000 per business.