Solar Panel / Home & Business use

Hi, i am considering installing solar on my house,

i am also in the process of using the garage as a business workshop, (WIP TFN received now applying for ABN)

so for "tax" purposes, how is this going to work from cost of installation and cost of usage (electricity bill)

i understand this is probably best for an accountant from the legality of all this.

also if you know it would be beneficial for me to put the installation cost on to the business or personal,

just trying to pick the expert's brain

TIA

 

Talk to an accountant for deductibility, as you mentioned.

But I just wanted to say that irrespective of deductibility, it's a very good investment to install solar! Better than most property investments, by a long shot.

 

Yeah right , that's fantastic. Personally l can't for the life of me understand why every house in the country and 1000s of small business even schools and so much more aren't on solar.
lt's funny really l run a small business that involves using power tools and which these days have pretty powerful batteries , plus a few small plug in machines. Bit of sun in the morngs will charge power tool batteries up so fast , keeps me going all day . l have all different times of the day depending on the skies and how fast l'm running tools down on the day but sometimes l'll recharge things that arvo too, just depending . Often throw them on at lunchtimes too , come back everything's ready to go, love it.
Only a tiny system you see l run it all on one 200watt panel and 220ah of batteries, just set it up myself , no grid. lt's brilliant.
Did the same on the cabin l rent out.

But yeah l'd imagine you could claim the costs these days op they should be pushing anything solar. l didn't worry about it myself bc of my setup back then , just loaded costs onto a few other things or being the pea brains they were back then they might've knocked it back

 

You would be better off paying for the solar install yourself/personally.
Then claiming back electricity use for the sqm of space and use as per ato.
Me, I only claim internet and min electricity, no office furniture or sqm use !
As the % used/claimed will be liable for CGT at sale of your PPOR (sure, short term gain, but may end up costing more in the grand scheme)

 

The solar AT BEST is depreciable
But it may not be deductible

Solar is not a cost necessarily incurred in producing assessable income. Eg Does the building owner charge a market rate for rent ? Does tne business pay rent If its the same person its NOT deductible as there cant be a contract. Lease issues and more