25/07/2024
Key Points of the Incentive:
☀️Section 12B of the Income Tax Act provides for an accelerated capital allowance for machinery or plant used for renewable energy generation.
☀️Businesses can claim a 50/30/20 capital allowance on the cost of qualifying renewable energy assets:
- 50% in the first year,
- 30% in the second year,
- 20% in the third year.
☀️This incentive applies to various renewable energy sources, including solar, wind, and biomass.
Eligibility Criteria:
💡The asset must be owned by the taxpayer.
💡The asset must be used directly in the production of renewable energy.
💡The installation must occur on or after 1 March 2024.
Investing in renewable energy not only helps the environment but also makes good financial sense with these new tax incentives.
Make sure to take advantage of this opportunity to reduce your taxable income while contributing to a sustainable future.
For more details on how your business can benefit from this incentive, contact us today!
📧[email protected]
