The upcoming Federal Budget will include a provision for businesses with an annual turnover of up to $50 million to receive an extra tax deduction of 20% for eligible expenditures that promote energy efficiency and electrification. The aim of this measure is to encourage businesses to invest in assets or upgrades that support the more efficient use of energy. The additional deduction will be available for eligible expenses up to $100,000 and will be capped at $20,000 per business. This temporary measure will apply to eligible assets or upgrades that are first used or installed and ready for use between 1 July 2023 and 30 June 2024. The Treasurer has emphasized that small business operators will be given priority in the Budget.
This information is based on a media release by the Treasurer on 30 April 2023, accessed on 1 May 2023.
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