Every year the Australian government sets aside billions of dollars for the advancement of our commercial and non profit sector. The key to successfully obtaining these grants are knowing when funding is going to be allocated and promptly submitting your applications thereafter.
One of the schemes through which the government has extended support for small businesses are through the $20,000 Asset Write Off and tax cuts for businesses generating turnovers of under $50M.
Since the outbreak of the Covid-19 pandemic, all business sectors have been suffering a lot. SMEs and start-ups play a very vital role in improving the economy of Australia, and these are the ones that are now suffering a lot due to lockdowns. So to assist them, both the Australian Federal and State Governments have contributed $257 billion in financial assistance since the onset of the pandemic.
The Government’s economic response is focused on supporting the transition to private sector‑led growth, creating jobs and driving the unemployment rate lower. The 2021-22 Budget committed an additional $41 billion in direct economic support, bringing total support since the beginning of the pandemic to $291 billion.
Small Business Grant Initiatives
The government has also allocated up to $189.7 million over the next five years to support mature-age Australians to adapt to the transitioning economy and develop the skills needed to remain in work.
These are examples of the types of programs and incentives the government has made available to encourage growth of the startup, small and medium enterprises. The government has also announced quite a few programs to assist small businesses affected due to the pandemic in the past couple of years.