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