The federal and state governments have set up small business grants, rebates, and offsets to drive the Australian economy forward. Whether you are starting out, restructuring, or simply looking to increase your revenue, it would be remiss of you not to explore opportunities for additional funding.
Your business’ activities can be partly or substantially funded by government grants for small business. You may be able to obtain cash-back benefits.
Few businesses would turn down funds or tax offsets provided by the variety of small business grants. The challenge lies in obtaining them. Accessing these schemes requires time, resources, and expertise. Calibre Business Advisory has successfully accessed numerous small business grants in NSW for businesses across a variety of industries.
You may think that your businesses does not, or cannot, engage in research and development. But in fact, R&D tax incentives reward innovation, product testing, and development across a range of industries, and this government grant for small business may be just what you need to develop a new scope for your operations. The R&D tax incentives include a 43.5% tax credit which can reduce income tax or be provided as a cash-back where no tax is payable.
Identify the eligible R&D activities under the Income Tax Assessment Act 1936 and 1997.
Document the technical knowledge gap and outline high technical risk and innovation.
Identify interrelated Core and/or Supporting activities.
Calculate the eligible R&D costs for each activity.
Liaise with government departments and stakeholders to ensure accuracy of claims.
Prepare for any further queries or audits during the process.
Calibre Business Advisory has made obtaining the R&D tax incentive one of its areas of expertise. Click here to learn more.
As business advisors with one foot in Asia (we have an office in Korea), we often come across owners who have an eye on the international export market, but lack the confidence to dive in. This is why Export Market Development Grant (EMDG) schemes are so worthwhile. Much like the R&D tax incentive, this small business grant equips you in expanding a segment of your operations. If your enterprise incurs more than $15,000 eligible export promotion expenses, this government grant for small business reimburses 50% of those expenses above a $5,000 threshold.
Identifying the value of your investment in export products.
Accumulating documentation to substantiate claims.
Demonstrating claims were acquitted during the grant year.
Outlining eligibility of products.
Ensuring claims relate to eligible promotional activities rather than sales.
Again, considerable documentation and detail needs to go into applying for this small business grant. Click here to learn more.
"We’d been paying payroll tax for a number of years but we had no idea that the Jobs Action Plan was available. It gave us cash back for employing people in NSW. If it weren’t for Calibre we would have missed out on this scheme, which helped us increase the number of employees we needed for our growing educational business." AIBM
You not only need to know how to apply for these small business grants, but also how to include them in your overall finance and tax strategy. For example, how can the R&D tax incentives and EMDG tie in with other rebates such as the small business income tax offset scheme or the NSW Jobs Action Plan? The latter allows you to receive $4,000 to $6,000 for each new job, be it full-time, part-time, or casual, if the new job increases your existing workforce. Also, since the tax threshold has moved from $2 to $10 million so more corporations can be taxed as small businesses - how will this impact the spending of your small business grants? Calibre’s business advisors know how to successfully apply for small business grants and help you integrate the funds into your business strategy.
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