Australia: Consultation on proposed small business energy incentive
A draft of legislation to introduce the proposed small business energy incentive
A draft of legislation to introduce the proposed small business energy incentive
Treasury released for consultation a draft [PDF 179 KB] of legislation to introduce the proposed small business energy incentive announced in the Federal Budget 2023-2024.
The incentive would provide businesses with aggregated annual turnover of less than $50 million* a 20% bonus tax deduction for the cost of eligible depreciating assets and improvements (up to a maximum amount of $100,000) that support electrification and more efficient use of energy. The incentive would apply from 1 July 2023 until 30 June 2024.
The consultation closes 18 July 2023.
More information is available on the Treasury website.
*$=Australian dollar
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