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Small business update | 5 May 2023
05 May 2023
Small Business Energy Efficiency Incentives
Federal Treasurer Jim Chalmers announced a new tax incentive on Sunday, worth up to $20,000 per business, to encourage small and medium businesses to make energy saving investments. SMEs with a turnover of up to $50 million will be able to claim an additional 20 per cent tax deduction on investments of up to $100,000 in electrification and energy efficiency. Eligible assets or upgrades will need to be first used or installed ready for use between July 1, 2023 and June 20, 2024. It is expected to cost $314 million over the forward estimates, see announcement here and ACCI’s response, here.
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