---
title: "Go Solar with the Government’s Instant Asset Write-off"
url: "https://halcolenergy.com.au/solar-news/go-solar-with-the-governments-instant-asset-write-off-increase/"
site_name: "Halcol Energy"
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description: "The Australian Government announced it\'ll increase the Instant Asset Write-Off threshold to families, businesses that are affected by bushfires and COVID19."
keywords: "Solar News"
language: "en"
categories:
  - "Solar News"
word_count: 384
reading_time: "2 min read"
summary: "[vc_row][vc_column][vc_column_text] Solar is a great investment for a business of any size With families, business and the economy taking a big hit from the recent bushfire crisis and coronavirus (..."
last_modified: "2024-05-28T22:23:44+10:00"
schema_type: "Article"
related_posts:
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    url: "https://halcolenergy.com.au/solar-news/record-solar-uptake-in-australian-homes/"
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# Go Solar with the Government’s Instant Asset Write-off

![Gympie Aquatic Centre installed with lots of solar panels](https://halcolenergy.com.au/wp-content/uploads/2017/05/Halcol_GympieAquaticCentre_0009.jpg)

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## Solar is a great investment for a business of any size

With families, business and the economy taking a big hit from the recent bushfire crisis and coronavirus (COVID-19), the Australian Government has announced an increased Instant Asset Write-Off (IAWO) threshold. Smart businesses are taking notice, and it now represents a chance to look into the future.

Previously, businesses with an annual turnover of less than $500 million could instantly write off assets costing up to $30,000. Now, this figure has been increased to $150,000. In simple terms, a business could purchase an asset costing $150,000, and the full cost would be an instant tax deduction. This scheme works on a per-asset basis, too, so businesses can write off multiple assets costing under $150,000 each.

It’s worth noting this scheme was previously only available for businesses with an annual turnover of $50 million. By increasing this level to $500 million, it’s estimated around 5300 more businesses will be eligible.

This change applies to newly purchased or installed products from 12 March 2020 through to 30 June 2021.

**Why solar makes sense**

If your business is planning ways to take advantage of this stimulus package, solar energy installation is a no-brainer. With energy costs continually rising for businesses, now is the perfect time to make the switch.

You could set your business up with solar energy, and the cost can now be written off as an instant tax deduction. Not only is this a great tax break, but you can power your business with solar, saving you thousands of dollars every year in energy costs.

**How do I get solar for business installed?**

That’s the easy part! At Halcol Energy, we’re the experts in [commercial solar](https://halcolenergy.com.au/commercial-solar/) installation in Queensland. Not only does our expert advice mean you’ll get the perfect system for your business, but we also have easy payment plans. For very little outlay, you can be enjoying a great return on investment from day one.

All you need to do is [contact](https://halcolenergy.com.au/contact/) our team of experts today. We make commercial solar easy, and there’s no better time to invest.\[/vc\_column\_text\]\[/vc\_column\]\[/vc\_row\]\[vc\_row\]\[vc\_column\]\[vc\_video link=”https://www.youtube.com/watch?v=3PkDF57qElE”\]\[vc\_video link=”https://youtu.be/eCtQZlbeeI4″\]\[/vc\_column\]\[/vc\_row\]


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