1. Research and Development Tax Incentive (AusIndustry & Australian Tax Office)
The Research and Development (R&D) Tax Incentive is the largest single program nationally that assists businesses undertaking research and development activities. The program awards almost $3 billion annually to eligible Australian businesses through a tax offset that encourages innovation in even the smallest ventures.
Eligible companies with an aggregated turnover of less than $20 million per annum can claim a 43.5% refundable tax offset for R&D expenditure that amounts to $100 million or less. All other eligible companies can claim a 38.5% non-refundable tax offset (carry forward rules may apply for unused offset amounts). The rate of the R&D tax offset is reduced to the company tax rate for that portion of an eligible company’s R&D expenditure that exceeds $100 million for an income year.
Applications are ongoing but eligible companies must initially register their R&D activities within 10 months of the end of the applicable income year. The program is non-competitive which means that if your business is classified as eligible then you are entitled to the incentive.
Refer to the below online links for further information on the R&D Tax Incentive:
2. Export Market Development Grants (EMDG) Scheme (Austrade)
The Export Market Development Grants (EMDG) Scheme is a key Australian Government financial assistance program for aspiring and current exporters. For businesses that have spent $15,000 or more on export promotion, they can be reimbursed up to 50% of costs exceeding $5,000.
To be eligible, businesses must have promoted either the export of goods and services, inbound tourism, export of intellectual property and “know-how” or Australian events and conferences. To be eligible for the grant, businesses are required to have an annual turnover of $50 million of less in the grant year, and if eligible, can apply for the grant up to eight (8) times.
Refer to https://www.austrade.gov.au/Australian/Export/Export-Grants/About/what-is-emdg for further detail on the EMDG Scheme.
3. Small Business Grant (Revenue NSW)
The Small Business Grant is designed to encourage small businesses that are not liable for payroll tax to employ new full-time, part-time and casual workers. This grant can be accessed by eligible businesses that increase their number of full-time equivalent (FTE) employees (maintained over a 12 month period) and register for the grant within 60 days of the employee start date and prior to July 2019. Up to $2,000 per FTE employee can be accessed by eligible businesses in NSW.
Refer to https://www.revenue.nsw.gov.au/grants-schemes/small-business-grant for further details.
4. Bin Trim Rebates Program (NSW Environment Protection Authority)
The Bin Trim Rebates Program is a Business Recycling Program offering rebates of between $1,000 and $50,000 covering up to 50% of the capital cost of recycling equipment. Businesses with up to 400 FTE employees are eligible, as well as facility managers and small-scale recyclers responsible for managing the waste of small to medium-sized businesses. Examples of eligible equipment include cardboard and plastic balers, expanded polystyrene compactors, shredders and source separation bins.
Further details are available at https://www.epa.nsw.gov.au/working-together/grants/business-recycling/bin-trim-rebates-program.
5. Entrepreneurs’ Programme (AusIndustry)
The Entrepreneurs’ Programme is the Federal Government’s flagship program for business competitiveness and productivity. Separated into four (4) distinct streams, the program has a focus on commercialisation, innovation, business management and incubator support and is open to small and medium businesses, entrepreneurs and researchers.
Further detail is available at https://www.business.gov.au/assistance/entrepreneurs-programme.
When searching for funding programs keep in mind that you’ll generally need to meet certain criteria to be eligible to apply, and that quite often the majority of funding programs will require you to contribute or match dollar-for-dollar the amount of funding you are requesting. All programs outlined above are listed on the Australian Government’s official grant finder website at www.business.gov.au/assistance/search.
Speak with one of our experienced advisers for further details on grants for your business. Get in touch with BLG Business Advisers online or by calling (02) 4229 2211 to arrange an appointment.