Energy incentive
328-465 Energy incentive
You can deduct for an income year an amount that is equal to the lower of:
20% of the total amount (which may be nil) of your expenditure to which subsection 328‑470(1) or (3) applies in relation to the income year; and
$20,000 less any amount deducted under paragraph (a) for a previous income year.
The deduction relates to the period of 1 July 2023 to 30 June 2024. An entity may have deducted an amount under paragraph (a) for a previous income year if the entity has a substituted accounting period.
These are bonus deductions under the Income Tax Assessment Act 1997
The Income Tax Assessment Act 1997 has effect as if this section and section 328‑470 of this Act were provisions of Division 25 of the Income Tax Assessment Act 1997.
Sections 8‑10, 40‑215 and 355‑715 of the Income Tax Assessment Act 1997 do not apply in relation to a deduction under this section.
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