SMEs face obstacles in Chalmers’ $20k tax break for installing solar and more

The Albanese government’s pre-budget announcement of $20,000 for SMEs who electrify everything may not be everything it’s cracked up to be, critics say, citing obstacles like labour shortages, a short deadline, and an ageing business population compared to others in the Asia-Pacific region.

Treasurer Jim Chalmers announced SMEs could claim up to $20,000 to install solar panels, electrify their cooling and heating, install batteries and heat pumps, and invest in induction cooktops to replace gas in a bid to incentify more sustainable energy use in the business sector.

“This incentive is all about helping small business save energy and save on their energy bills, support that comes on top of the direct energy bill relief for small businesses that will be a centrepiece of the budget,” Chalmers said.