From 1 July 2011, the Tax Breaks for Green Buildings scheme will offer businesses that invest in eligible assets or capital works 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.
Tax breaks for redevelopments that will substantially improve the energy efficiency of existing buildings are the subject of a new public consultation paper released today. The Tax Breaks for Green Buildings scheme is expected to provide a boost of around $1 billion over the life of the scheme to help ‘green up’ existing buildings across Australia. 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 currently being invited from interested parties. Organisations and individuals are welcome to submit their views on the proposed program design by 18 February 2011. Details on how to make a submission can be found in sections 1.4 and 1.5 of the consultation paper.
For more information on the consultation process, including the information sessions, please refer to the Tax Breaks for Green Buildings information page on the Department of Climate Change and Energy Efficiency website:http://www.climatechange.gov.au