Small business energy incentive
This incentive announced in April 2023 is still awaiting Royal Assent so not a law yet. Under the provision, Businesses with aggregated annual turnover of less than $50 million will have access to a bonus 20 per cent tax deduction for the cost of eligible depreciating assets that support electrification and more efficient use of energy.
The Small Business Energy Incentive will apply from 1 July 2023 until 30 June 2024. Up to $100,000 of total expenditure will be eligible for the incentive, with the maximum bonus tax deduction being $20,000.
This is not a law yet and we will keep you posted with developments on this front.
Source: www.ato.gov.au
