Business to benefit from energy assistance and renewables investment, but key tax break scaled back

The instant asset write-off remains, but will no longer cover the cost of even a budget ute.abc.net.au/news/budget-business-and-corporate-tax/102324156Renewable energy and the transition away from fossil fuels are the government's key focus in its assistance to businesses, big and small.The treasurer says more than $4 billion is allocated in the budget to renewable energy investments

"This budget allocates $4 billion to realising our future as a renewable energy superpower — bringing the government's total investment to more than $40 billion," he said. "Hydrogen power means Wollongong, Gladstone and Whyalla, can make and export everything from renewable energy to green steel. The headline small business measure, flagged ahead of budget night, is a tax incentive for investment in electrification and energy efficiency, such as more efficient fridges, battery systems, heat pumps and electric heating or cooling.

Online bookseller Booktopia is building a new fulfilment centre in Sydney, which will open later this year, and is planning to power it, at least partially, through solar."We're a large consumer of electricity. We're investing much more in solar, so to be able to provide incentives and help to get there faster is what's important to us," Booktopia chief executive David Nenke told ABC TV's The Business Budget Special program.

"Our dryers in particular are using gas and they're busiest during the winter time. So, the fact that the gas rates are increasing now — it's not the best time for us." While the government has extended the instant asset write-off, it is a big reduction from the $150,000 asset value limit and $500 million turnover eligibility threshold for the instant asset write-off when COVID first struck in 2020-21.

If a firm's tax bill was due between December 1, 2019 and February 29, 2022 and it has not yet paid it, the ATO will not issue a fine as long as the taxes are lodged by the end of this year.

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