The recently announced Small Business energy incentive is now open for business!
The Energy Incentive will help up to 3.8 million small‑ and medium‑sized businesses save energy and save on their energy bills.
The incentive is delivered by way of a bonus tax deduction which will provide businesses with annual turnover of less than $50 million an additional 20% deduction on spending that supports electrification and more efficient use of energy.
It will help small businesses make investments like electrifying their heating and cooling systems, upgrading to more efficient fridges and induction cooktops, and installing batteries and heat pumps.
Tradies, manufacturers, restaurants, hairdressers, real estate agents and other small businesses may find it particularly attractive. This incentive helps ensure these businesses share in the benefits and opportunities of the energy transition that’s now underway.
It will support investments that deliver ongoing power bill savings for businesses, while at the same time helping Australia lower emissions.
Up to $100,000 of total expenditure will be eligible for the incentive, with the maximum bonus tax deduction being $20,000 per business.
Eligible assets or upgrades will need to be first used or installed ready for use between 1 July 2023 and 30 June 2024.
Feel free to reach out to us for more information.