Amoung the many schemes announced by the Albanese government in the 2023 May budget, small business is offered a 20 per cent tax discount on assets and equipment that are more energy efficient.
Small businesses with an aggregated annual turnover of less than $50 million can also access the Small Business Energy Incentive, which the government forecasts to offer $310 million in tax relief that will help pay for energy efficiency upgrades.
The energy incentive scheme for businesses with a turnover up to $50m, offering an extra 20 per cent tax discount on assets and equipment that are more energy efficient.
The scheme will offer up to $20,000 bonus tax deductions for expenditure up to $100,000.
New fridges, heat pumps, electric heating or cooling systems, batteries and thermal energy storage systems will be eligible.
But it will not be extended to cover solar panels or renewable electricity generation assets, capital works, or assets that are not connected to the electricity grid and use fossil fuels.