Capital is the most important asset and also the biggest hurdle for small business owners. Large numbers of small businesses are not able to survive the first year of their operation due to a shortage of funds. Realising this problem, the Federal government has facilitated monetary assistance to small business owners in the form of grants. Here is a list of some of the most popular small business grants for the year.
Research & Development Tax Incentive
R&D Tax Incentive is one of the most popular government grants available to small businesses established in the fields of science and technology. Under this grant the Australian government offsets the cost incurred by the eligible business on R&D that is beneficial for the Australian economy in general. This grant aims to encourage small business owners carry out R&D activities. R&D Tax Incentive is an ongoing grant program and you can apply for it anytime you so desire.
- Your business must be a legal entity and liable to pay income tax in Australia
- The expenditure on R&D in a given financial year must be greater than $20,000
- At least one activity must fall under desired R&D activities as defined by the government
To apply for this grant, you must register your R&D activity under the grant and then claim tax offset when filling up your income tax returns.
Export Market Development Grant (EMDG)
As the name suggests, this grant is specifically for small business owners that are already exporting their products or services or are aspiring exporters. Under EMDG grant, financial assistance is made available to small businesses that are eligible and whose annual income does not exceed $50 million in the year in which they are applying for the grant. This grant helps small business owners in diverse industries and provides reimbursement of up to 50% of the costs incurred by them on export promotion.
- You must have registered digital identity under myGov app
- Your expenditure must be on promotion of export of goods or services, technical knowhow, inbound tourism, or intellectual property
- The annual income of your business during grant year must be less than $50 million
To obtain financial assistance under EMDG, please follow the application guidelines ane eligibility criteria.
Biomedical Translation Fund (BTF)
Biomedical Translation Fund is a grant from the government that makes available funds to small businesses devoted to biomedical discoveries. This monetary assistance helps in development and commercialisation of such discoveries. This fund was established by the government as a part of National Innovation and Science Agenda in 2016. Small businesses set up in fields of therapeutic and pharmaceutical products and services aiming to improve health and overall well being of human beings are eligible for assistance under this program. Grants are made available to legible entities through fund managers.
- You must be either working or planning to work on a biomedical discovery
- You should have either most of your employees working in Australia or utilise the fund inside Australia
- Your business must have ABN
- The annual income of your business should be less than $25 million
Please speak to one of our advisors to know more about the above mentioned grants and more at the number provided below.