How To Cut Energy Waste And Save Money
Small Business Energy Incentive is not too dissimilar to the small business skills boosts and investment boosts that we saw last year introduced by the previous government.
Basically, it’s allowing you an extra 20% tax deduction for any expenses that are related to the use of the word “electrification” and more efficient use of energy.
They are trying to make sure that any appliances that you have are a bit more efficient. The things like heating and cooling systems. And if you upgrade it to more efficient fridges, induction cooktops, installing batteries and heat pumps. Anything that makes the use of energy a bit more efficient, will be eligible for what we call a 20% extra deduction.
There is a limit of up to a hundred thousand in total expenditure. The way that this was announced was for restaurants, hair dresses, or we’ve got anything that had used the premises. If you have things that are using electricity right now and you can make it a bit more efficient, this is where you’ll be able to get an extra $20,000 extra deduction there.
If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.
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