The government has released plans to introduce a small business energy inventive to help small and medium businesses electrify and save on their energy bills. The proposal is currently in the consultation stage, but once implemented will see businesses with an aggregated annual turnover of less than $50m gain access to a bonus 20% tax deduction for the cost of eligible depreciating assets that support electrification and more efficient use of energy. It is projected to apply for the 2023–24 income year, with $20,000 being the maximum bonus deduction amount.
Click to read our article: Small business energy incentive.