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 has four components.

Component 1 – Abolish the fuel tax credit for all industries except agricultural businesses.

Component 2 – Abolish accelerated asset depreciation for aircraft, the oil and gas industry, and motor vehicles (except for those used for agricultural purposes).

Component 3 – Abolish the immediate deduction for exploration and prospecting expenses for the mining industry, including the Mining Exploration Development Incentive.

The proposal has four components.

Component 1 – Abolish the fuel tax credit for all industries except agricultural businesses.

Component 2 – Abolish accelerated asset depreciation for aircraft, the oil and gas industry, and motor vehicles (except for those used for agricultural purposes).

Component 3 – Abolish the immediate deduction for exploration and prospecting expenses for the mining industry, including the Mining Exploration Development Incentive.

The proposal has four components.

Component 1 – Abolish the fuel tax credit for all industries except agricultural businesses.

Component 2 – Abolish accelerated asset depreciation for aircraft, the oil and gas industry, and motor vehicles (except for those used for agricultural purposes).

Component 3 – Abolish the immediate deduction for exploration and prospecting expenses for the mining industry, including the Mining Exploration Development Incentive.

The proposal has four components.

Component 1 – Abolish the fuel tax credit for all industries except agricultural businesses.

Component 2 – Abolish accelerated asset depreciation for aircraft, the oil and gas industry, and motor vehicles (except for those used for agricultural purposes).

Component 3 – Abolish the immediate deduction for exploration and prospecting expenses for the mining industry, including the Mining Exploration Development Incentive.

The proposal has four components.

Component 1 – Abolish the fuel tax credit for all industries except agricultural businesses.

Component 2 – Abolish accelerated asset depreciation for aircraft, the oil and gas industry, and motor vehicles (except for those used for agricultural purposes).

Component 3 – Abolish the immediate deduction for exploration and prospecting expenses for the mining industry, including the Mining Exploration Development Incentive.

The proposal has four components.

Component 1 – Abolish the fuel tax credit for all industries except agricultural businesses.

Component 2 – Abolish accelerated asset depreciation for aircraft, the oil and gas industry, and motor vehicles (except for those used for agricultural purposes).

Component 3 – Abolish the immediate deduction for exploration and prospecting expenses for the mining industry, including the Mining Exploration Development Incentive.