Top 10 Business Grants and Incentives for Australian Businesses

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Are you looking for a government grant to help fund your Australian business? There are many types of grants available for businesses of all sizes and in almost all industry types and the assistance offered is vast and varied. In fact, in Australia, there are more than 700+ different business grants available.

The application process, wait times and chance of rejection are enough to put some people off, however, if you take the time to find the right business grant or incentive for your situation and get the right support in submitting your claim, it can be worthwhile for your business.

Here are ten business grants that may be well worth your time.

  1. Research & Development Tax Incentive

The R&D Tax Incentive aims to help businesses stay ahead of the curve and encourages innovation for even the smallest businesses; it provides a tax offset for some of a company’s cost of doing eligible research and development activities by reducing a company’s income tax liability.

The tax incentive offers a company whose revenue is below $20 million a 43.5% refundable tax offset against eligible R&D expenditure that amounts to $100 million or less. All other eligible companies can claim a 38.5% non-refundable tax-offset.

Read more about how Elderton Group can support your business with an R&D Tax Incentive Claim.

  1. Export Market Development Grant (EMDG)

The Export Market Development Grant (EMDG) scheme provides exporters who are aiming to increase their international sales with reimbursements of up to 50% of promotional expenses. Promotional expenses must be over $15,000 to a maximum of $150,000 and can include expenditure from a number of categories. Eligibility is limited to Australian-based businesses, trusts or individuals who are promoting the export of goods, services, IP or know-how to the benefit of the Australian economy; and have total business turnover of less than $50 million in the grant year.

It is not a requirement that the good be produced in Australia or even dispatched from Australia.  Goods produced overseas and shipped directly to a foreign country can comply for EMDG purposes. Similarly, goods and services provided in Australia for tourists are also eligible exports and may be eligible for a grant. International patent and trademark expenses are also claimable.

  1. Accelerating Commercialisation

Accelerating Commercialisation grants provides businesses with access to expert advice and matched funding of up to $1 million to cover eligible commercialisation. This programme aims to help businesses increase productivity and competitiveness.

This grant offers ventures up to 50% of expenditure on a project, which is capped at $250,000 for commercialisation offices and eligible partner entities, and $1 million for other applicants.

  1. Early Stage Venture Capital Limited Partnerships (ESVCLP)

The ESVCLP programme aims to stimulate the early stage venture capital sector and draw in foreign investors to Australia. It provides fund managers and investors with tax benefits, including a tax exemption on an investor’s share of a fund’s income and gains.

To be eligible, funds must register as a VCLP under the Venture Capital Act 2002 and make high-risk investments that hold for at least 12 months. The investments must be in ventures where total assets are valued under $250 million, 50% of assets are located in Australia and 50% of employees are also located here.

  1. Tradex Scheme

The Tradex Scheme provides exporters with an up-front exemption from Customs duty and GST for goods imported into Australia and then exported within one year. For the benefits, you must hold a Tradex order before you import your goods.

This scheme’s objective is to provide a more competitive customs regime thereby encouraging exports, economic growth and employment.

  1. CSIRO Kick-Start

The CSIRO Kick-Start grant provides Australian start-ups and small to medium enterprises with matched funding of up to $50,000 to undertake research activities with CSIRO to grow and develop their business. This grant is aimed at the research and testing stage of companies and is for companies researching a new idea or testing or developing a “novel” product or service.

  1. Incubator Support

The Incubator Support initiative offers new and existing business incubators with grants of up to $500,000 to assist Australian start-ups develop the capabilities required to succeed in international markets.

  1. Wage Subsidies

Wage subsidies provide Australian employers with financial incentives of up to $10,000 (GST inclusive) to hire and retain eligible job seekers in ongoing and sustainable positions.

  1. Farm Investment Loans

Farm Investment Loans provide farm businesses with loans of up to $1 million to help them build and maintain strong, resilient and profitable businesses.

  1. The Enterprise Solution Centre

The Enterprise Solution Centre provides businesses with matched funding of between $2,500 and $100,000 to help them find commercialisation solutions for their novel product, process or service. The programme provides funding to facilitate access to tailored, world-class research, targeted at helping businesses find the right commercialisation solution for their novel product, process or service.

Elderton Group are experienced in preparing grant applications and our knowledgeable team have an excellent track record securing substantial benefits for our clients.

Please contact us if you would like to discuss what grants may be available for your business.