Businesses with an aggregated annual turnover of less than $50 million that had upgraded or purchased a new asset that helps improve energy efficiency during the 2024 income year should consider the small business energy incentive.
This new measure gives them the opportunity to claim a bonus deduction equal to 20% of the cost of eligible assets or improvements to existing assets that support more efficient use of energy.
This incentive applies to eligible assets that were first used or installed ready for use for a taxable purpose between 1 July 2023 and 30 June 2024.
Eligible improvement costs must have been incurred during this period to be eligible for the bonus deduction.
Up to $100,000 of total expenditure is eligible under this incentive, with the maximum bonus deduction being $20,000 per business.
This 20% bonus deduction is on top of other existing ones. Businesses can claim both the ordinary deduction for the expense as well as the bonus deduction.
Editor: Please make sure to let us know if you made any purchases that may be eligible for this bonus.
If you have any questions or would like to speak to one of our professional business and tax advisors, please contact our office on (08) 9392 7600 to make a booking or click here.
With three offices across Western Australia and over 20 years of experience, Acclaim Accounting is a dynamic team of highly trained and skilled individuals committed to providing innovative and effective advice, excellent service and maintaining only the highest standards in ethical professional practice
We are thrilled to announce that Muntz Partners will soon be known as Acclaim Accounting. This change reflects our commitment to providing you with even better services and experiences. Stay tuned for more updates as we embark on this exciting journey together! Note: The change will take effect on May 15th 2024.
Exciting News! Muntz Partners is Rebranding to Acclaim Accounting
