Home topics news Image Credit: Matthew Henry News News Green SMEs eligible for $20k tax break Yajush Gupta May 1, 2023 To support businesses in reducing energy consumption costs, the government recently announced a new tax incentive, the Small Business Energy Incentive, which will be featured in next month’s budget. Treasurer Jim Chalmers has announced the Small Business Energy Incentive program, which offers a tax deduction of up to $20,000 for small and medium-sized businesses investing in energy-efficient equipment. The Small Business Energy Incentive is about helping small businesses save energy and save on their energy bills #auspol #ausecon @couriermail https://t.co/zdZgg1cf3e pic.twitter.com/YZb5wtoYXz — Jim Chalmers MP (@JEChalmers) April 30, 2023 This initiative is aimed at supporting small and medium-sized businesses across Australia with a turnover of less than $50 million to reduce their energy consumption costs by investing in energy-efficient equipment. The program provides a tax deduction of up to $20,000 for eligible businesses that invest in assets and upgrades such as the electrification of cooling and heating systems, more efficient fridges, induction cooktops, heat pumps, and batteries. This incentive is expected to help up to 3.8 million small businesses in Australia lower their energy costs and save on their energy bills. Under the program, eligible businesses will receive an additional 20 per cent deduction on spending that supports electrification and more efficient energy use. Up to $100,000 of total expenditure will be eligible for the incentive, with the maximum bonus tax deduction being $20,000 per business. However, assets or