Small businesses may receive an additional 20% tax deduction for electrification and efficient use of energy in 2023-24. Eligible assets or upgrades will need to be installed between 1 July 2023 and 30 June 2024 to be included in this scheme. Up to $100,000 of total expenditure will be eligible for this incentive with the maximum total tax deduction being $20,000 per business. This will help small businesses make investments and upgrades to more energy-efficient fridges, induction cooktops and heating and cooling systems.
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