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If your business makes less than $50 million a year, you can snag an extra 20% tax deduction thanks to the Small Business Energy Incentive. This deal is for new assets or upgrades to current ones that make your energy use more efficient.

To qualify, the assets must be first used or ready to use between July 1, 2023, and June 30, 2024, for any purpose, including taxable purposes. It also applies to eligible expenditures on improvements to existing assets incurred during the bonus period. Any costs for improvements during this time count for the bonus deduction.

Provided that you have appropriate documentation you can claim up to $100,000 in total spending under this incentive, with a maximum bonus deduction of $20,000 per business and can also be taken advantage of by trusts and partnerships.

Also, remember that this is considered a bonus deduction that does not affect your expected deductions in the taxation law and the boost only applies to the 2024 income year.