by Sameer Kassam, Partner
Securing a government grant often gives businesses peace of mind – especially small and medium enterprises across Australia who need financial help to promote growth. However, many eligible businesses are missing out. For example, we know that 70% of eligible Australian businesses aren’t receiving the Australian Government’s Research and Development Tax Incentive.
There’s nothing worse than seeing a small business owner working so hard, only for grant opportunities for which they’re entitled to go by unnoticed. But, it makes sense. Finding out about grants – let alone lodging an application – is hard work.
Luckily, the CharterNet team are experts in this niche and have secured over A$100m in grants for their clients to date. Read on to discover six government grants that might be available to your business and how we can help.
1. Research and Development Tax Incentive
Businesses of all sizes may be eligible for the Research and Development (R&D) Tax Incentive. Administered by the Australian Taxation Office and AusIndustry, the grants offer a generous tax offset that’s dependent on a business’s revenue. The R&D Tax Incentive encourages R&D activities that benefit the Australian economy and it’s accessible to all industry sectors. Conducting R&D activities for the purpose of generating new knowledge? You might be doing R&D without even knowing it. If you think your business or workplace is conducting R&D, get in touch today.
Who: Eligible businesses of all sizes across Australia.
What: A tax offset based on revenue, that may result in a cash rebate.
When: The deadline for FY16 R&D Tax Incentive submissions is 30 April 2017.
2. Export Market Development Grant
The Export Market Development Grant (EMDG) scheme is an Australian Government program that encourages small and medium-sized Australian businesses to develop export markets. It helps a wide range of industry sectors and isn’t just product based – also comprising inbound tourism and the export of intellectual property and know-how beyond Australia’s borders. To be entitled, businesses must have spent $15,000 or more on the promotion of their export. Are you part of an aspiring and growing export-ready business? CharterNet has a team of experienced consultants who can help prepare EMDG claims on behalf of your business. Get in touch today.
Who: Australian businesses who’ve spent $15,000 or more on the promotion of their export.
What: Businesses are reimbursed up to 50% of eligible promotion expenses above a threshold of $5,000, provided that their total expenses amount to more than $15,000.
When: Applications are now closed.
3. Minimum Viable Product Grant (NSW only)
Eligible for start-ups with an ABN registered in NSW, the Minimum Viable Product (MVP) Grants help capable technology start-ups by providing the financial support needed to collect customer feedback and trial their core business model. These grants reflect the need for innovation and aim to support start-ups (yes, even those yet to generate revenue) in engaging with potential customers or channels to market. It’s available to across a wide-range of sectors, with conditions here.
Who: Primarily for start-ups. NSW only.
What: Eligible start-ups can receive up to 50% of approved project costs (maximum of $25,000).
When: Now open.
4. Small Business Grant (NSW only)
Administered by the Office of State Revenue, the Small Business Grant is designed to help small businesses in NSW to hire new employees and expand their business. In essence, the benefit of this grant is in providing some relief for payroll tax. The grant finances employers up to $2,000 per new employee for businesses that don’t pay payroll tax. It’s payable after the first anniversary of the hire of a new employee.
Who: Small businesses in NSW.
What: Up to $2,000 per new employee. The $2,000 grant is paid pro-rata for part time employees.
When: Now open.
5. Entrepreneurs’ Programme
In 2014, the Commercialisation Australia and the Innovation and Investment Fund were revamped, resulting in the Entrepreneurs’ Programme we know today. The Programme is the Australian Government’s flagship initiative for competitiveness and productivity – offering support and advice to Australian businesses on how to innovate and grow. This advice is given through four elements:
- Accelerating commercialisation
- Business management
- Incubator support
- Innovation connections.
Eligibility criteria across the four streams can be found here.
What: Practical support for businesses. Different support provided across the Programme’s four elements. More information here.
When: Applications are open on an ongoing basis.
6. Community grants
Grassroots community grants – often administered by local government – regularly go unnoticed, as businesses are attracted by the glitzier pull of state and federal funding. But, these smaller-scale grants are a great way to secure funds, contribute to the economic development of your local area and build valuable relationships with others (think businesses, groups and individuals) in the community.
Community grants are made available throughout the year by local government and application dates vary. From business improvement grants to cultural grants for creative projects. Get in touch with the council where your business operates for more information on available grants.
We can help
Grant submissions require specialised help. CharterNet’s experienced and dedicated Government Grants team can assist your business with Research and Development Tax Incentive, Export Market Development Grant and Minimum Viable Product Grant applications.
Get in touch today if you have any questions about your eligibility and how we can help. And don’t forget, the deadline for FY16 R&D Tax Incentive submissions is 30 April 2017.