Grants for the financial services sector are specifically targeted towards the businesses that target the growth and expansion of the businesses they assist, either strategically or financially. The Australian government provides assistance to the financial services sector in the form of government grants, financial incentives, subsidies and tax cuts.
Business Development Grants
These business development grants for financial services are offered with the intent of stimulating the Australian economy by helping small business owners with advice, analysis or funding. During challenging economic times, these assistance programs offer massive relief to an already struggling business. In this section, we will discuss some of these grants and their eligibility criteria.
Grants for Cyber Security Measures
One of the grants provided by the Federal Government allows financial service providers to claim up to $2,100 for improving their cyber security measures.
To be eligible for this grant, a business must:
- Be certified as a small business
- Have an ABN
- Be registered for GST
- Have less than 19 employees
- Be a business incorporated in Australia/sole trader in Australia /business partner in Australia
- You must be the owner of a small business as defined by the ATO
The Australian Government also provides financial service providers with an asset write-off up to $30,000 for the properties bought and used in the year of application. To be eligible for this grant, an applicant must be the owner of a small business as defined by the ATO.
Grants for Traders
Another grant provided by the Federal Government provides financial businesses with subsidized stock trading rules. Businesses can make use of this grant if the value of the stock on hand is less than $5000. To be able to apply for this grant an applicant must be the owner of a small business as defined by the ATO.
Yet another grant provided by the Australian Government allows SMEs with a tax write-off up to $1000. To be eligible for grant, applicant must be carrying the business as a sole trader. Turnover of the business should be less than $5 million counting from 2016-2017.
Assistance to Acquire Financial Advise
Owners of SMEs can apply for these grants if they have received service for managing their business through a financial advisor/facilitator and if he/she recommends a detailed improvement plan to grow your business. The improvement plan recommended should be capable of increasing your business in Australian or International markets. Successful applicants will receive funding up to 50% of the qualified costs. Maximum funding amount available per applicant is $20,000 (GST Excluded).
To be able to apply for this grant, applicants must:
- have a detailed improvement plan provided by a business advisor or facilitator
- not have received any previous grants for the plan under which they are currently applying
- apply within 12 months of receiving the detailed business/financial plan
Apart from the above-mentioned criteria, it is also required that the proposed project includes certain pre-defined activities. Also, the proposed project should have at least $5,000 in eligible expenditure and has not commenced at the time of application.
Above mentioned are only some of the many grants that federal and state governments are providing to support the growth of SMEs as well businesses in finance sector. If you want to know more about these grants and many more, please speak to one of our consultants at the number mentioned below.