ARTICLE · 02 MAY 2011

Tax breaks for Green buildings delayed

Moore Australia

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On 20 April 2011, the Government announced that it will delay proposed tax breaks for environmentally friendly improvements to green buildings. The proposed scheme will now commence on 1 July 2012, 12 months later than originally proposed. The Government has indicated that it requires further time to consult with the industry.

AustraliaTax

Stephen O'Flynn

Nick Zanikos

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On 20 April 2011, the Government announced that it will delay proposed tax breaks for environmentally friendly improvements to green buildings. The proposed scheme will now commence on 1 July 2012, 12 months later than originally proposed. The Government has indicated that it requires further time to consult with the industry.

Exposure draft legislation is now expected to be released later in 2011, and the Government intends to introduce legislation towards the end of the year in order to give potential participants ample time to make submissions.

The announcement follows the Government's release of a consultation paper in January of this year that detailed the workings of the proposed one billion dollar scheme. This consultation paper provided that the tax break will be made available for investments in eligible assets or capital works to improve energy efficiency of existing buildings whose NABERS rating is consequently raised from 2 stars or lower to 4 stars or

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