Electricity is the new black. Gas and other fossil fuels are out. A new, limited incentive nudges business towards energy efficiency.
We show you how to maximise the deduction!
The small business energy incentive is the latest measure providing a bonus tax deduction to nudge the investment behaviour of small and medium businesses, this time towards more efficient energy use and electrification. Fossil fuels are out, gas is out, electricity is the name of the game.
Legislation before Parliament will see SMEs with an aggregated turnover of less than $50 million able to claim a bonus 20% tax deduction on up to $100,000 of their costs to improve energy efficiency in the business. But, the tax deduction is time limited.
Assuming the legislation passes Parliament, you only have until 30 June 2024 to invest in new, or upgrade existing assets.
If you intend to make a major outlay to take advantage of the bonus deduction, talk to us first just to make sure it qualifies.
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