Other grants and incentives
Westgate Tunnel Project
Work has commenced on the Westgate Tunnel Project and is expected to continue for three years. As thousands of workers will be located at construction sites in Maribyrnong, including Whitehall Street Footscray and Somerville Road Yarraville, there is a unique opportunity for local businesses to benefit from increased patronage.
A directory has been established to encourage Westgate Tunnel Project workers to eat, drink and shop in the inner west. Visit www.wgtp.com.au/traders/ to list your business for free or request additional information via email to email@example.com.
The R&D Tax Incentive
This program aims to help Australian businesses stay ahead of the curve through a tax offset which encourages innovation in even the smallest ventures. Companies with an annual turnover under $20 million can claim a 43.5% refundable tax offset against R&D expenditure if it amounts to $100 million or less. All other eligible companies can claim a 38.5% non-refundable tax offset. Applications are ongoing.
The Entrepreneurs’ Programme
This Federal Government initiative assists small and medium-sized business owners to increase their productivity and competitiveness through funding and access to a national network of expert advisers and facilitators. Business incubators with an international focus and high innovation potential can also apply for financial support. Applications are ongoing.
Startups and SME’s keen to partner with Australia’s Commonwealth Scientific and Industrial Research Organisation (CSIRO) in research activities can receive up to $50,000 in matched funding to help them further develop and grow their business. To be eligible, companies have to be registered in Australia for GST, have an annual turnover of less than $1.5 million and have been registered as a company for less than three years.
Export Market Development Grant
The EMDG has been established for aspiring and current exporters across a wide range of industries to help drive new outbound markets from Australia as well as encourage inbound tourism. For businesses that have spent $15,000 or more on export promotion, they can be reimbursed up to 50% of costs exceeding $5000. Eligible businesses should have an income under $50 million in the grant year.
Austrade Landing Pad
This initiative aims to give Australian start-ups the opportunity to expand into the global market by immersing them in one of five world-class innovation hubs. Start-ups accepted into Landing Pads in Singapore, Berlin, Shanghai, Tel Aviv or San Francisco benefit from on-the-ground presence in these markets plus access to critical networks, talent, mentors and investors. To be eligible, start-ups must demonstrate strong vision, scalability, traction and differentiation, and explain how 90 days in a Landing Pad could help their venture.
Other Opportunities: GrantGuru
GrantGuru is a website listing the details of more than 1600 grants available to eligible Australian businesses.