Within the Budget, the Government has abandoned the tax breaks for green building upgrades that they had flagged for commencement on 1st July 2012.

For some time, their rhetoric had been; “we have a $billion contribution to energy efficiency”. Whilst the promised accelerated depreciation for green retrofits may not have changed behaviour to a great degree – given the up to 3 year wait required toreap the benefit – this about-face is significant as it displays a lack of real commitment to the carbon reduction agenda.

Energy efficiency improvements to the existing building stock is the single most cost effective and fastest way to reduce our collective carbon footprint.

Napier & Blakeley have established a specialised unit, called NB Verdigris, to project manage and procure funding for the sustainable retrofit of existing buildings. We are not aware of any of our clients deferring the commencement of their projects to obtain the benefit of this phantom tax break.

The problem is that some projects may have been delayed, exacerbating the general construction slow down.

Will the Government attempt in another way to make good its promise to act as a catalyst in improving energy efficiency in the existing building stock?

View the Property Council of Australia’s summary of the Budget highlights.

For any assistance with your assets energy efficiency modelling, potential, costs and retrofit planning and management, please contact Peter Frith.

Contact

Transaction & Asset Advisory
Rob Howells – 03 9915 6300 – rhowells@napierblakeley.com
Alastair Walker – 02 9299 1899 – awalker@napierblakeley.com

Sustainable Property Solutions
Peter Frith – 03 9915 6300 – pfrith@napierblakeley.com

Development Advisory & Quantity Surveying
Craig Smith – 03 9915 6300 – csmith@napierblakeley.com
Peter Hammond – 02 9299 1899 – phammond@napierblakeley.com
Paul Cosker – 07 3221 8255 – pcosker@napierblakeley.com

Property Depreciation & Insurance
John Mathew – 03 9915 6300 – jmathew@napierblakeley.com
Paul Mazoletti – 07 3221 8255 – pmazoletti@napierblakeley.com