Mobile apps are playing a very important role in the economy of Australia as start-ups. The government realises that entrepreneurs often don’t have the necessary resources for the development of their ideas in the form of mobile apps. In fact, majority of brilliant ideas fail to take shape as an app because of lack of resources. It is this reason that the government of Australia is giving monetary help and assistance to start-ups across the nation that turn up with unique and helpful ideas.
Research and Development Tax Incentive
This is a tax incentive that encourages Australian entrepreneurs to spend on research and development of their start up. Under this scheme, an individual or business can claim deduction up to 43.5% of the tax on expenditure incurred on R&D and mobile start up idea. It means that a lot of cash spent on R&D of a mobile app can be recovered by the entrepreneur from the government with the help of Research and Development Tax incentive.
- Your expenditure on mobile app development should be between $20,000 and $20,000,000.
- The business idea should be new and unique
- It should be able to earn money for Australia (it includes you)
- Your business is liable to pay income tax in Australia
This is an ongoing scheme currently open for entrepreneurs across the country.
Incubation Support Grant
Incubation Support Grant is a beneficial scheme launched by the federal government. It aims to provide monetary support of up to $250,000 to start ups to help them take their product to the international markets. Remember that this grant is for incubators who in turn assist start ups. Incubators can use the funding to provide services to entrepreneurs to improve their chances of success at the level of international markets. Incubator Support is a part of the larger Entrepreneurs Program launched by the federal government.
- Your company must have an ABN
- The business must be incorporated in Australia
- You must have supported projects of minimum $26,000 value in major cities and projects of minimum value of $20,000 at the regional level
Incubator Support Grant is an ongoing program that is now open.
CSIRO Kick Start
CSIRO is Commonwealth Scientific and Industrial Research Organization. In Australia, this organization helps start ups by providing grants of up to $50,000 to help them in their growth. Kick Start was founded in 2017 by Australia’s CSIRO to encourage Start ups to become success stories. CSIRO Kick Start, as the name suggests, is a grant for companies at an early stage of development indulging in research and development of a new product, service, apps or ideas. The funding under this program can be used to cover the cost of research and development, but not for spending on infrastructure.
- Your business must be founded in Australia and should be less than 3 years old
- It must be registered under GST
- It must have an annual turnover of less than $1.5 million for the last two years
Above mentioned are only some of the grants and funding available for app developers in Australia. To know more about such grants, please speak to one of our advisors at the number mentioned below.