Tax Breaks for Green Buildings Scheme to Come into Effect with One-Off Bonus Tax Deduction
Canberra, Australia (News4us.com) January 21, 2011
A public consultation paper on a new program to improve the energy efficiency of existing buildings has been released by Assistant Treasurer Bill Shorten and Parliamentary Secretary for Climate Change and Energy Efficiency, Mark Dreyfus.
From 1 July 2011, the Tax Breaks for Green Buildings scheme will offer businesses that invest in eligible assets or to improve the energy efficiency of their existing buildings – from 2 stars or lower to 4 stars or higher – the ability to apply for a one-off bonus tax deduction of 50 percent of the cost of these improvements.
The consultation paper has been prepared to explain the key features of the proposed program design, in particular, the eligibility criteria and assessment and certification processes.
“Stakeholder input and comment is essential in helping the Government to understand the needs and constraints of the targeted building sectors, and will be important in evaluating the merits of proposed options in the paper,” Mr Dreyfus said.
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