Small Business Grants
R&D Tax Incentive - 16 Nov 2020
Do you have a small to medium-sized business and are stuck wondering what government grants and assistance are available to you and not knowing where to start?
Australia is envied for their wide range of grants and programs, which is awesome! But this means that qualifying, let alone applying is a competitive and time-consuming process.
Government grants can provide integral assistance to companies that are seeking to further innovate and grow their business. You may have already heard about more common incentives & grants available to businesses such as the Research and Development Tax Incentive (RDTI) and the Export Market Development Grant (EMDG) but grants are also available for other purposes, some including disaster recovery, employment and training and sustainability.
At ABA knowing our clients and their businesses helps us to put forward the best grant opportunities for their businesses. Many programs may have key industry including medical technology, agricultural technology, infrastructure, space, environment, health, transport, and education.
Australian grants are typically designed to deliver overall outcomes for the Australian economy, business and ultimately support industry development, meaning that each grant has specific, individual eligibility criteria. Generally, these grants are being offered to fund concepts and initiatives, create local and national solutions and assist in accessing information. It is vital that these key points and any specific eligibility requirements are highlighted in the application. It must also be kept in mind that not every grant is available throughout the year with many grants closing for extended periods of time.
To get you started, here are some grants that are currently open for application.
Accelerating Commercialisation Grant
Purpose: This grant is designed to assist in bringing a novel product, service of process to the market
Who: SMEs, entrepreneurs and researchers
If successful: Up to $1 million of matched profit funding is available for eligible entities and applicants, as well as commercialisation guidance.
Advancing Renewables Program
Purpose: Assisting projects that contribute to the following outcomes; reduction in the cost of renewable energy, increase in the value delivered by renewable energy, improvement in technology readiness and commercial readiness of renewable energy, reduction in or removal of barriers to renewable energy update, increase in skills, capacity and knowledge relevant to renewable energy.
Who: Businesses undertaking or seeking to undertake renewable energy projects
If successful: Matched funding of between $100,000 and $50 million
Industry Tech Fund QLD
Purpose: To provide businesses participating in collaborative, large scale, co-funded technology projects to accelerate new products and services based on platform technologies to market. Examples of platform technologies that may be incorporated into eligible products include autonomous vehicles, robotics, artificial intelligence, biotechnology and advanced manufacturing.
Who: Queensland businesses participating in co-funded, collaborative technology projects
If successful: Funding between $250,000 and $5 million with projects being funded at a minimum of 1:3 ratio of government-to-applicant funding.
If you enjoyed this read, check out our blog on funding your future with the R&D Tax Incentive here.
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.