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EMDG FY22 | Are you an Australian company looking to take on the world?

EMDG FY22 | Are you an Australian company looking to take on the world?

The Export Market Development Grant (EMDG) is a specific government funded initiative designed to help Australian businesses grow their global footprint. It achieves this by providing financial support in the form of a cash rebate scheme designed to help businesses recoup some of the promotional costs accrued as they grow their exports in overseas markets. Australian exporters looking to take advantage of the EMDG Program for the FY22 year, are required to make an application prior to 30 November 2021 for expenses they intend to incur from the FY22 year.

Please note that retrospective applications for the outgoing FY21 EMDG Program are still open until 22nd February 2022 if you use a registered QIP consultant.

 

The FY22 EMDG Program

For FY22, the program has changed significantly from a retrospective reimbursement model to a future planning model. This means the program will require you to seek approval in advance, based on the planned future export activities.

The key changes to the program are the different levels of tiers that you may be eligible for. These tiers are respective based on your current level of involvement with exporting your product or service to an overseas market. The Tiers are set below.

Tier 1 – For eligible SMEs who are ready to begin exporting.

Tier 2 – For eligible exporters who plan to expand their exporting.

Tier 3 – For eligible exporters who plan to make a strategic shift in their exporting business. A ‘strategic shift’ may include any of the following: Exporting to a new market, new demographic, new product or new channel.

 

Are you eligible? 

  1. Is my product or service eligible for EMDG? Firstly, for a produce or service to be eligible, it must be substantially of Australian origin and it must be one of the following:
    • Goods
    • Services
    • Events
    • Intellectual property or know-how
    • Software
  2. Are you an Australian-based business, an individual whose place of residence is in Australia, an Australian association or co-op, or an Australian trust?
  3. Are you able to provide information on your intention to promote your activities overseas?
  4. Are you export ready, and did you have income of less than AUD$20 million for the 2021 financial year?

If you responded YES to all of these questions, you may be eligible for EMDG funding.

For more detailed information on the program requirements, please get in touch with our specialist team here to discuss your eligibility and making an application.

 


Co-written by Brock Van Der Korput.

The information contained in this blog is general in nature and should not be considered to be legal, tax, accounting, consulting or any other professional advice. In all cases, you should consult with a professional advisor familiar with your factual situation for advice concerning specific matters before making any decisions. By reading this blog, you confirm your understanding of this disclaimer.

Kymberly Dryden
Want to know more? Speak to our team of experts for more information on Government grants.


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