Introducing William Buck:
- William Buck is one of Australia's leading mid-tier Accounting firms, with accountants and advisors with offices across Australia & New Zealand.
Key Takeaways:
- There are numerous Australian government grants at federal, state, and local levels.
- Grants often have specific eligibility criteria and application windows.
- Use the Australian Government GrantConnect website to search for grants relevant to your business.
Common Types of Government Grants
- MVP Ventures Program
- Offered by the New South Wales government.
- Small grant for businesses with less than $1 million revenue and less than 20 full-time staff.
- Provides matched funding of $25,000 to $50,000 for commercialising new products or services in priority areas like digital technologies, biotech, etc.
- Applications open annually.
- Export Market Development Grant (EMDG)
- Provides grants to subsidise marketing expenses for businesses selling overseas.
- Relevant for companies using Australia as a hub to sell to the Asia Pacific region.
- Grant amounts vary depending on the business stage.
- Applications open annually.
- Industry Growth Program
- Large federal grant program targeting businesses with less than $20 million revenue and less than 100 full-time employees
- Focuses on seven priority areas including resources, renewables, and advanced manufacturing.
- Competitive grant; requires a strong application demonstrating eligibility and project value.
- R&D Tax Incentive
- One of the largest grant programs in Australia, managed jointly by Austrade and the Australian Taxation Office.
- Provides tax benefits to companies carrying out eligible R&D activities.
Understanding R&D Tax Incentive
- Eligibility Criteria
- Core R&D activities must involve technical innovation, addressing unknowns/risks, and experimentation.
- Eligibility criteria, whether the rebate is refundable or non-refundable, and tax offset rates vary depending on company size and revenue.
- Supporting R&D activities can maximise claims.
- Certain activities like admin, marketing, and regulatory compliance are not eligible.
- Record Keeping
- Extensive record-keeping is required to demonstrate eligibility
- ATO and Austrade expect detailed records of experimentation and expenditure.
- Common Errors and Myths
- Careful planning and documentation is needed.
- Claims are subject to review by ATO and Austrade.
- Tax planning before June 30 can optimise benefits.
Tips to remember:
- Always conduct further research to identify grants specific to your industry and location.
- Start planning and documentation well in advance for grant applications, especially for R&D incentives.
- Consider seeking professional advice to navigate the complexities of grant applications.
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