Small Business Energy Incentive

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News of a new federal government policy incentive offering tax deductions to small and medium businesses for money spent on measures to cut their electricity consumption or replace diesel usage has been announced.

An additional tax deduction of up to $20,000 is offered for small to medium sized businesses with a turnover of up to $50 million. The additional 20% tax deduction is applied on every dollar spent up to $100,000.

The scheme will assist those businesses with a diesel reliance transition to a solar & storage system, also grid connected businesses who wish to add battery storage to their existing or future installation to further reduce their energy bills.

Eligible assets or upgrades will need to be first used or installed ready between 1st July 2023 and 30rd June 2024.

Further details are here; Small Business Energy Incentive | Treasury Ministers