Source: Dan Peled / AAP
The federal government has outlined its legislative plan for the Small Business Energy Incentive, framing expectations around the $20,000 ‘bonus’ tax deduction while excluding high-cost upgrades like new electric vehicles.
The new measure, formally announced in the 2023-2024 federal budget, is intended to provide an extra 20% tax deduction on energy-efficient business upgrades valued at up to $100,000.
Businesses with an annual turnover below $50 million will be eligible under the Labor government’s plan, echoing the recently-enacted Technology Investment Boost and Skills and Training Boost packages.
The package is intended to boost small business investment in energy-efficient technology, a move the federal government claims will both reduce Australia’s carbon footprint and shield SMEs against soaring power bills in the long run.
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