Do you qualify for a business grant?
The Australian government is keen to see Australian businesses succeed. Grants are offered by government departments, for businesses to look outside their industry and seek new opportunities at home and abroad.
There are grants available for many business activities, designed to help stimulate or encourage employment, research and development in technology and grow industries.
Many of the grants have been extended until 2019, so this may be the time for your business to get a boost of funds.
Small Business Grant
Under the Small Business Grant, you may be entitled to claim $2000 for hiring an employee in a new position. Simply lodge your application prior to your new hire and if approved, after one year of employment, you will receive $2000 or pro-rata for part-timers, per new employee.
Who: All NSW businesses that do not pay payroll tax
What: All new employee hires, in a newly created role/position
When: The employment commences on or after 1 July 2015 and before 1 July 2019
How: Lodge your application with the Office of State Revenue. You are required to register the employment of a person in a position that is a new job and advise us of the number of Full-time Equivalent (FTE) employees immediately before the position was filled.
For larger businesses
For larger businesses, you can claim a $6000 a payroll tax rebate for each new hire, under the Jobs Action Plan. The plan provides eligible NSW businesses with a payroll tax rebate when they employ new workers in new eligible employment.
Who: All NSW businesses that pay payroll tax
What: All new employee hires, in a newly created role/position
When: The employment commences before 1 July 2019
How: Lodge your application with the Office of State Revenue. You are required to register the employment of a person in a position that is a new job and advise the OSR of the number of Full-time Equivalent (FTE) employees within 90 days of the job commencement date.
Receive up to $50,000 under the Entrepreneur’s Programme. Designed to help Australian business be more competitive and improve productivity, the grant is based on commercialisation, business management and international incubator support.
It not only supports with a monetary grant but also provides advice from industry experienced professionals, and connection and collaboration opportunities.
Who: Small and medium businesses, entrepreneurs and researchers to commercialise new products, services and processes
What: Up to $50,000 grant plus access to specialised contacts
When: Available while funding is open
How: Apply online here for the numerous types of grants
Research and Development Tax Incentive
Open to all industry sectors, the Research and Development (R&D) Tax Incentive is a tax offset encouraging R&D activities that benefit the Australian economy through innovation, competitiveness and productivity.
It is administered by the Australian Taxation Office and the Department of Industry, Innovation and Science. It is aimed at business to engage in R& D activities and small businesses who would not have undertaken R&D.
Who: Australian businesses or foreign entities with a double tax treaty agreement – check here
What: A self-assessed tax off-set based on revenue
When: Claims can be made up to FY24, while funding lasts
How: Claim through your annual company tax return
Global Connections Fund
The Global Connections Fund supports global SME-to-researcher collaborations to enable viable projects to grow and test commercialisation in industries of strategic growth in Australia.
There are two types of grants under the Fund:
- Bridging Grants are larger grants of up to $50,000 designed as seed funding capital to enable viable projects to grow in scope and scale, test commercialisation and proof-of-concept activities. Eligibility testing closes on 14th June 2018 for the latest round of funding.
- Priming Grants are small grants of around $7,000 to enable Australian SMEs and Australian researchers to meet and collaborate with international partners to further develop their ideas. Expressions of Interest has closed for this round of funding.
These grants are administered by the Australian Academy of Technology and Engineering (ATSE).
“This is a great opportunity for eligible researchers and businesses to look internationally”
Michaelia Cash, the Minister for Jobs and Innovation about the federal government’s Global Connections Fund.
Further information is available on the Global Connections Fund website.
Community Grants Hub
This is the centralised administration of community grants across a number of Australian Government client agencies.
Designed to standardise grants and make it easier for the Australian government and recipients to select, establish and manage grants.
These grants are primarily aimed at Australian Government agencies and organisations who primarily grant programs to individuals and the community sector.
Who: Australian Government agencies and organisations who primarily grant programs to individuals and the community sector.
What: Specific grants are updated regularly – check here
Local Council Grants
Designed to strengthen the relationships between local business and the community, these grants focus on promoting business opportunities, competitiveness, improving productivity and capacity.
Local council grants are specific to each council, so you will need to look at your local council website for further details.
Other grants, assistance & help
There are also many grants available to specific industries or regions in Australia such as The Growth Fund for businesses in the car manufacturing industry, or the Commercial Development grant WA for businesses in the arts and cultural sector to help them grow and market their business.
Check here if there are any that may be applicable to your business.
Don’t miss out!
There are many grants and incentives for Australian businesses to apply for; they are intended for a business just like yours! Choose the right one, they could be the step your business needs to further its growth and success.
If you need any help, applying or claiming a tax offset, give us a call, we would be happy to walk you through the process and advise the paperwork you need to complete.
Our email is firstname.lastname@example.org, or call us on +61 2 8298 5308.
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