Critical minerals and hydrogen production incentives now law

As part of the 2024–25 Budget, the Government announced its Future Made in Australia package to support Australia’s transition to a net zero economy. This package included 2 new, temporary tax incentives:

These measures are now law.

Critical Minerals Production Tax Incentive

The CMPTI provides eligible companies with a refundable tax offset of 10 per cent of the eligible costs of processing certain critical minerals in Australia. The offset will be available for a maximum of 10 years between 1 July 2027 and 30 June 2040.

The CMPTI is jointly administered by the ATO and the Department of Industry, Science and Resources.

Hydrogen Production Tax Incentive

The HPTI is a refundable tax offset of $2 per kilogram of eligible hydrogen produced by eligible companies. The HPTI applies to eligible hydrogen produced in income years between 1 July 2027 and 30 June 2040, for a maximum of 10 years.

The HPTI is jointly administered by the ATO and the Clean Energy Regulator.

Written by

Lily Zhang

Founder & Principal Accountant

CPA AustraliaRegistered Tax AgentNTAA MemberASIC Registered Agent

Lily Zhang is the founder and principal accountant of Wiselink Accountants, a CPA-qualified accounting and tax agency based in Melbourne (Camberwell) and Brisbane (Eight Mile Plains). With more than 10 years of experience in Australian taxation and business advisory, Lily has helped over 500 small businesses, sole traders and individual taxpayers across both cities. She is a member of CPA Australia and the National Tax & Accountants' Association (NTAA), and Wiselink is a registered tax agent and ASIC-registered agent, as well as a Xero, MYOB and QuickBooks Partner. Lily works in both English and Mandarin, and writes regularly on Australian tax, EOFY planning, payroll, superannuation, SMSF and small-business strategy.

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