Energy Savings for Business

Energy bill relief and incentives to electrify are available to help small businesses save over the coming 12 months, following announcements in the 2023 Federal Budget.

Small Business Energy Incentive

A bonus tax discount to help small businesses electrify will be offered to all businesses with an annual turnover of less than $50 million.

From 1 July, eligible small businesses will be able to claim 20 per cent of spending that supports electrification or more efficient energy use on their taxes, including electrified heating and cooling, more efficient white goods, induction cooktops and installing batteries and heat pumps.

This is part of the Small Business Energy Incentive, which allows up to $100,000 of total expenditure, with the maximum bonus deduction being $20,000.

Energy Bill Relief

$3 billion in energy bill relief in the form of credits will be provided for eligible people and small businesses, while one million eligible small businesses will be given up to $650 in assistance for energy bills.

More details of these two programs will be communicated in upcoming news items and via Venture Melton Facebook page.