Top Grants for Business Start-ups
The Australian government offer various array of support for start-up business across the country.
Although the lengthy applications process can seem time consuming but is relatively quick and largely beneficial to small business, especially as it directly helps your cash flow.
These are some of the grants for the which may be well worth you chatting to us about.
Export Market Development Grant (EMDG)
The EMDG has been set up for aspiring and current exporters across a wide range of industries and products to help drive new outbound markets from Australia and encourage inbound tourism.
For businesses that have spent $15,000 or more on export promotion, they can be reimbursed up to 50% of costs exceeding $5000.
To be eligible, businesses must have promoted either the export of goods and services, inbound tourism, export of IP and “know-how” or Australian events and conferences.
Eligible businesses will have an income under $50 million in the grant year.
Applications lodged by approved consultants are open till 30 November 2018.
Research and Development Tax Incentive
The R&D tax incentive aims to help all businesses stay ahead of the curve through a tax offset that encourages innovation in even the smallest ventures.
From July 1 2016, companies with an annual turnover under $20 million can claim a 43.5% refundable tax offset against R&D expenditure that amounts to $100 million or less.
All other eligible companies can claim a 38.5% non-refundable tax offset. Non-refundable offset amounts that go unused can be carried on to future income years.
For R&D expenditure under $20,000, companies can only make a claim if it was undertaken with a research service provider or co-operative research centre.
Applications are ongoing but companies must register for R&D activities within 10 months of their income year first.