Hanrick Curran has been providing proactive services to SME business owners for almost 30 years. Through our experience and hands on support of SME businesses we are knowledgeable and efficient in identifying when businesses are entitled to government grants funding.
There are a wide range of grants and incentives available to small/medium enterprises that are being paid for by Australian, State and Territory governments and also some local government organisations in various parts of Australia. It is estimated that approximately $5 billion worth of grants and incentives are collectively made available by the governments annually. Grants and incentives are normally targeted at specific types of businesses, but the criteria can vary quite considerably.
Grants cover a wide range of activities, from:
- research and development
- technology being commercialised
- assistance in the employment of experienced commercialisation executives
- business improvement strategies for established businesses in specific industries
- disaster recovery grants and loans
- assistance for exporters - Federally and most States
- apprenticeship employment incentives
- ability to have business details included in a nation-wide database of businesses available for work on major projects
- deferment of import duty and GST on imports that will be exported within 12months
There are numerous government grants suitable to a small to medium business, these include:
Research & Development - available for companies with turnovers under $20M that have spent more than $20,000 in the year on research and development and need to apply for registration with AusIndustry by the 30th April the following year, can be entitled to a tax rebate of 45% on eligible research and development expenditure. If the company is trading at a loss, the effective rebate on eligible research and development expenditure can be paid as a cash payment to the company by the Australian Taxation Office. Eligibility varies for companies with turnovers over $20M.
Enterprise Connect offers comprehensive advice and support to eligible small/medium enterprises with minimum turnovers subject to a maximum turnover of $100M for a range of industry groups including:
- Creative industry
- Food and beverage manufacture
- Tourism sector (some components)
- Clean energy
- Printing and publishing industries
- Resources (mining, gas and oil)
- Professional services
- Information & communication technology
- Transport (freight) and logistics
Export Market Development Grant - a grant to assist exporters with turnovers under $50M as a contribution toward a wide range of export marketing activities. The current grant window is open until 1 Dec 2013. Click here for further details.
Commercialisation Australia - has four specific grants to assist businesses which have developed new technology, processes or services that wish to obtain financial assistance to assist in the full commercialisation of their products, services or processes. Grants can range from $50,000 to $2M and include:
- Skills & Knowledge
- Proof of Concept
- Experienced Executives
- Early Stage Commercialisation
Apprenticeship Grants - apprenticeship grants are primarily targeted at business types listed in the National Skills Needs' List, however there are specific apprentice incentives available for any type of business for:
- apprentices with disabilities
- apprenticeships being offered by employers in declared drought areas
- apprenticeships being offered to a mature aged worker
Clean Technology - grants are available for businesses which can demonstrate a reduction in carbon emissions intensity that can be achieved by a project proposed by that organisation.
Medical Industry - grants are available for medical practitioners to relocate from inner city areas to other locations.
Natural Disaster Relief - assistance is available from State governments, using Federal government funds, to support eligible primary producers and eligible small business operators who have been affected by declared natural disasters. Assistance can take the form of grants and/or loan funds.
Should you want to explore whether your business is entitled to a government grant, enquire about our 'No Grant No Fee' service by speaking with your usual Hanrick Curran Advisor or ask for our Tax Consulting Partner Jamie Towers on 07 3218 3900.
We will perform a thorough eligibility review of all current grants for no fee. Should a your business be indicatively eligible for a grant, an outline of next steps and associated costs will be provided.