Entrepreneurs are valued highly by the government in Australia. These entrepreneurs bring to the table their revolutionary ideas that have the capability to grow into lucrative businesses in the future. The government realizes that helping these business leaders can give a big boost to the economy of the country. Also, start-ups generate employment for the local population to serve other important purposes. These are the reasons why the Australian government has initiated a number of programs in the form of entrepreneur grants to make it possible for start-ups to survive and later grow and become a success.
Export Market Development Grants (EMDG)
Export Market Development Grants is a program from the government of Australia to help business owners to take their products or services to international markets. This program is currently open and it closes on 30 November 2021. Eligible businesses can get up to 50% of their promotional expenses incurred on introducing their products in overseas markets. EMDG program is strictly for Australian entrepreneurs who want to start or grow their exports. An eligible business can get a maximum of $770,000 over a period of 8 years under this program.
- You must be an Australian business owner eligible for funding under the rules of EMDG
- Your business must have an ABN
- The annual turnover of your business should be less than $20 million for the financial year 2020-21
- Your products or services must be of Australian origin
Above mentioned program is the most popular initiative taken by the Australian government to help small business owners and start-ups through funding and by making available expertise and other resources to them. This program makes available funds through Accelerating Commercialization Grants. Under this program, entrepreneurs are provided up to 50% of the cost of the commercialisation project. Entrepreneurs can also apply for expert advice to fill up knowledge gaps and also to boost their growth. This program is currently open and you can apply for funding for your business.
- You must not be exempt from tax
- Your business must be registered under GST
- You must be carrying out a project eligible under this program
Research and Development Tax Incentive
As the name suggests, an R&D tax incentive aims to offset the tax liabilities of a start-up to help it financially. It is a program that is strictly for companies engaged in research and development activities. It aims to give a boost to the Australian economy by providing tax relief to start-ups and small business owners. This program is currently open and you can apply for a tax relief any time you want to. You can get a tax offset for research and development activities conducted up to 30 June 2021.
- You can self assess your eligibility under this program
- You have to conduct R&D and apply for tax relief with the help of a tax adviser
- You must link your ABN with your MyGovID
If you need any help applying for the programs mentioned above, please feel free to contact one of our advisors at the number mentioned below. We will help you in applying for these programs or ones that are suitable for your business.