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Tax breaks for ‘green’ buildings

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The MST newsletter of 15 September 2010 provided details of the new incentives for green retrofits to existing buildings.

As noted in that article, from 1 July 2011 businesses that invest in eligible assets or capital works to improve the energy efficiency of their existing buildings will be eligible for a ‘one off’ bonus tax deduction of 50% of the cost of the eligible improvements. This scheme will run until 20 June 2015.

The scheme aims to reward building owners who undertake capital building works to improve their NABERS Energy Rating from 2 stars or less, to 4 stars or more. The Australian Government has allocated a total of $1 billion in funding for this scheme.

As yet, full details of the tax break have not been released. However, indications are that it will apply to commercial office buildings as well as some hotels and shopping centre.

For further information contact our Commercial Property Team or send an email to Principal, John Turnbull.