On 30 April 2023, the Australian Government announced it would provide small businesses with an additional 20% deduction on spending that supports electrification and more efficient use of energy.

If your business has an annual turnover of less than $50 million, you could qualify.

For more information, see the Hon Dr Jim Chalmers MP joint media release Small Business Energy Incentive (30 April 2023).

The measure will help small businesses make investments like:small business energy incentive

  • electrifying their heating and cooling systems
  • upgrading to more efficient fridges and induction cooktops
  • installing batteries and heat pumps.

Up to $100,000 of total expenditure will be eligible for the incentive, with the maximum bonus tax deduction being $20,000 per business.

This incentive helps ensure these businesses share in the benefits and opportunities of the energy transition that’s now underway.

Consultation on the measure commenced 4 July 2023 and ended 18 July 2023. 

For more information about the Small Business Energy Incentive, click here.

 

For more information

If you want to discuss how the Small Business Energy Incentive might apply to you, please contact your local advisor. 

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