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Small Business Energy Incentive & IAWO

The Australian Federal Budget for 2023-24 announced incentives and support for Small Business to increase energy efficiency and help reduce energy costs.

Small Business Energy Incentive

The objective of the Small Business Energy Incentive is to promote energy efficiency for small business.
An eligible small-to-medium enterprise will be allowed to deduct an additional 20% of the cost of eligible depreciating assets that support electrification and energy efficiency in their tax return.

ATO ► Small Business Energy Incentive
https://www.ato.gov.au/General/New-legislation/In-detail/Direct-taxes/Small-business-energy-incentive/

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Media release ► Small Business Energy Incentive
https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/small-business-energy-incentive

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'New' Instant Asset Write-Off (IAWO)

Small Business Support – $20,000 instant asset write-off

A temporary increase to the instant asset write-off threshold to $20,000, will apply from 1 July 2023 until 30 June 2024.

Small-medium businesses with an aggregated turnover of <$10 million will be able to immediately deduct the full cost of eligible assets costing <$20,000.
The assets must be first used or installed and ready for use between 1 July 2023 and 30 June 2024.

ATO ► Instant Asset Write-Off
https://www.ato.gov.au/General/New-legislation/In-detail/Direct-taxes/Small-Business-Support—$20,000-instant-asset-write-off/

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Want More Info?

If you would like more information about how the Small Business Energy Incentive or IAWO can help your business with installing solar power, energy storage, or EV charging infrastructure, please enter your contact details below.

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Solar for Business

Commercial Solar Feasibility

Before commencing any large solar project, the feasibility of the venture must first be established.

Feasibility Studies are conducted to assess the viability and profitability of a project and are an important initial step when developing a commercial solar installation.

COMMERCIAL SOLAR ASSESSMENTS

SolarWise Wagga’s commercial solar assessments are conducted by our solar PV experts and provide information and advice on:

• The viability of solar power for your business.
• Optimum solar PV system capacity.
• Financial feasibility and analysis.

Our feasibility studies are based on years of experience designing, installing, and maintaining commercial solar PV projects.

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