The request sought estimated financial implications and distributional analysis of Stage 3 of the personal income tax plan as set out in the 2018-19 Budget measure Personal income tax plan and the 2019-20 Budget measure Lower taxes for hard-working Australians: Building on the Personal Income Tax Plan over the medium-term. The Stage 3 tax cuts take effect from 1 July 2024 and involve:

The request sought estimated financial implications and distributional analysis of Stage 3 of the personal income tax plan as set out in the 2018-19 Budget measure Personal income tax plan and the 2019-20 Budget measure Lower taxes for hard-working Australians: Building on the Personal Income Tax Plan over the medium-term. The Stage 3 tax cuts take effect from 1 July 2024 and involve:

The proposal includes 3 options to alter tax policy settings to promote electrification of rental properties, all starting 1 July 2024. 

Option 1
Allow owners of residential investment properties to write off the full cost of split system air conditioners (up to 20kW), heat pump water heaters and induction cooktops against their taxable income, where these have replaced equivalent gas appliances. This would replace the existing depreciation schedules for these items (currently 12 to 15 years).

The proposal includes 3 options to alter tax policy settings to promote electrification of rental properties, all starting 1 July 2024. 

Option 1
Allow owners of residential investment properties to write off the full cost of split system air conditioners (up to 20kW), heat pump water heaters and induction cooktops against their taxable income, where these have replaced equivalent gas appliances. This would replace the existing depreciation schedules for these items (currently 12 to 15 years).

The proposal includes 3 options to alter tax policy settings to promote electrification of rental properties, all starting 1 July 2024. 

Option 1
Allow owners of residential investment properties to write off the full cost of split system air conditioners (up to 20kW), heat pump water heaters and induction cooktops against their taxable income, where these have replaced equivalent gas appliances. This would replace the existing depreciation schedules for these items (currently 12 to 15 years).

The proposal includes 3 options to alter tax policy settings to promote electrification of rental properties, all starting 1 July 2024. 

Option 1
Allow owners of residential investment properties to write off the full cost of split system air conditioners (up to 20kW), heat pump water heaters and induction cooktops against their taxable income, where these have replaced equivalent gas appliances. This would replace the existing depreciation schedules for these items (currently 12 to 15 years).

The proposal would provide tax deductions to promote the take-up of solar home battery systems to support renewable energy production. The proposal has three policy options each starting 1 July 2024 and closing 30 June 2034. The system must be designed and installed by a Clean Energy Council accredited designer and installer and the capacity must not exceed 100 kilowatts (kW).

Option 1

Eligible households could access the policy option detailed below.

The proposal would provide tax deductions to promote the take-up of solar home battery systems to support renewable energy production. The proposal has three policy options each starting 1 July 2024 and closing 30 June 2034. The system must be designed and installed by a Clean Energy Council accredited designer and installer and the capacity must not exceed 100 kilowatts (kW).

Option 1

Eligible households could access the policy option detailed below.

The proposal would provide tax deductions to promote the take-up of solar home battery systems to support renewable energy production. The proposal has three policy options each starting 1 July 2024 and closing 30 June 2034. The system must be designed and installed by a Clean Energy Council accredited designer and installer and the capacity must not exceed 100 kilowatts (kW).

Option 1

Eligible households could access the policy option detailed below.

The proposal would provide tax deductions to promote the take-up of solar home battery systems to support renewable energy production. The proposal has three policy options each starting 1 July 2024 and closing 30 June 2034. The system must be designed and installed by a Clean Energy Council accredited designer and installer and the capacity must not exceed 100 kilowatts (kW).

Option 1

Eligible households could access the policy option detailed below.