How grants work
For most small businesses that come through our doors, they’re unaware of the grant and tax benefits that area available to them. That’s where we’ve had the privilege to step in and not only teach them about the grants available but also how they can be successful in receiving these grants to expand their business.
1. Grant Awareness
We teach our clients exactly the types of grants that are available for them out there.
2. Grant Selection
We select the most appropriate grants that are available to you and in-house test for your eligibility. If we’re not confident you’ll receive the grant we won’t waste your time and advise you in other areas to expand your business instead.
3. Grant Application
With our experienced team of professionals, we have learnt how to curate and tailor proposals to ensure that you receive your grant. The grant application is a definitive test of whether your company will receive a grant and it’s highly advise that you sought out a professional to complete it.
After you’ve received your grant, there is still more work required to receive the grant money. For each specific grant there are clear reporting guidelines and requirements that are set and businesses must obey and complete them in order to receive their grants. Often times after a business has completed their grant applications they will be audited to ensure authenticity. Our experienced team of professionals will endeavour to have your reporting items up to standard.
The Grants & Tax Incentives we specialise in
Austrade Export Market Development Grant (EMDG)
The Export Market Development Grant is administered by AUSTRADE and specialises in assisting local small businesses in the export of their goods and services. It supports a very wide range of industries, products and services including tourism and the exportation of intellectual property.
The EMDG grant is able to reimburse up to 50% of eligible export promotion expenses and above $5000 provided that total expenses are at least $15,000.
Each eligible applicant is able to receive up to 8 grants.
You need to be an approved consultant or tax agent to be able to lodge applications for this grant. As a registered and licensed tax agent we have a huge amount of experience in successfully lodging applications for our clients.
Incentive Innovation Tax
If you invest into a qualifying early stage innovation company then you may be eligible for tax incentives. The incentives provide eligible investors who purchase new shares a range of benefits that include:
- A carry forward tax offset that is non-refundable equal to 20% of the value of their investments. This is capped at $200,000.
- A modified capital gains tax which dictates that any capital gains or losses made on the qualifying investments that are held for at least 12 months and less than 10 years are exempt from the capital gains tax.
Research and Development Tax Incentive
The main aim of the R&D Tax Incentive is to encourage all businesses in Australia to further accelerate the growth and learning of the Australian economy.
Companies that engage in the R&D tax can experience two core benefits. A refundable tax offset of 43.5% for eligible entities who have a turnover of less than $20 million. And a 38.5% non-refundable tax offset for all other eligible entities.
The aim of the R&D Tax Incentive is to boost the Australian economy and make it not only more efficient for companies to create goods and services but also to boost competition in sectors and reduce stagnation.