Since the onset of the pandemic, the Australian Federal Government has already contributed $257 billion in financial assistance to support small and medium-sized enterprises
Every year, the government continues to set aside billions of dollars to improve the country’s commercial and non-profit sector. And over the next five years, AUS government has also allocated around $189.7 million to help mature-age Australians develop their skills and adapt to the transitioning economy.
SMEs can rely on the government through various support programs including grants, tax incentives, and more. We’ll discuss these crucial support programs one by one.
If your company engages in research and development initiatives, you may be eligible for R&D tax incentive. You can deduct up to 125% of the R&D expenditures incurred during the year from your taxable income. Small businesses may also claim cash rebates or enjoy other support initiatives like relocation incentives and government insurance against business risks. Before making a claim, just make sure that you register your R&D activities every year with AusIndustry. There are other tax incentives rolled out by the Aus government such as instant asset write-off which allow for more tax cuts and cash flow benefits for SMEs.
One of the government’s crucial initiatives is increasing employment and promoting workplace learning. Eligible businesses can tap support programs that help them upskill their workforce and improve their competence and productivity.
The Australian Department of Employment provides financial assistance, incentives, and services to help companies train their staff through a registry of over 5,000 training organisations and 4,900 nationally recognised courses and qualifications.
Whether you’re starting a business, expanding an existing one, or pursuing research initiatives, there are government grants and programs that you can apply for. Every year, the Australian government invests around $3.5 billion in grants and assistance programmes, which are mainly targeted towards SMEs and budding entrepreneurs. Grants can fund 50-80% of the necessary funds to set up a business, launch new products, or drive innovation. Popular grant programs in Australia include Research and Development Tax Incentive, CSIRO Kick-Start Program, and Export grants.
Eligible entrepreneurs typically don’t have to repay the grant; accumulate interest; relinquish control, equity, or ownership; or guarantee financial returns. However, grantees normally adhere to complete audits and formal reporting requirements.
There are hundreds of grants available, worth billions of dollars. However, finding grants, understanding all the documentation and guidelines, and figuring out whether or not you’re eligible—all that takes a lot of time and energy.
Make your search easy and instant with Swoop! We’ll take care of the grant search for you. We have the technology to help you get matched automatically and apply easily. Sign up today to explore our funding options and services.
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