TAX BREAKS ON GREEN BUILDINGS

The government has released a public consultation paper for the proposed Tax Breaks for Green Buildings Scheme. Under the proposed scheme, from 1 July 2011 businesses that make investments in eligible assets or capital works that increase the energy ratings of buildings from 2 stars or lower to 4 stars or higher, will receive a 50% tax break. The retrofit must be assessed both before and after the project to ensure it qualifies and the project must be completed prior to 30 June 2015. Legislation on this proposal has yet to be introduced, however it may be of benefit if your business was considering a building refurbishment within the next few years.