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 firstname.lastname@example.org.
Boost Your Business Vouchers
The Department of Economic Development, Jobs, Transport & Resources (DEDJTR) has established Boost Your Business Vouchers to support Victorian businesses to become more productive, employ more people, improve market access and in general, increase their scale, diversity and profitability. Eligible companies should fall into one of the following streams:
- Advanced Victorian Manufacturing Stream
- Asia Gateway Stream
- Defence, Aerospace and Security Stream
- Food Innovation Stream
- Social Enterprise Capability Stream
- Victoria Israel Innovation Stream
The R&D Tax Incentive
Aims to help all Australian businesses stay ahead of the curve through a tax offset that 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 that amounts to $100 million or less. All other eligible companies can claim a 38.5% non-refundable tax offset. Applications are ongoing but companies must register for R&D activities within 10 months of their income year first.
The Entrepreneurs’ Programme
Federal Government initiative which aims to help businesses increase productivity and competitiveness with funding and access to a national network of private sector advisers and facilitators. New and existing incubators can apply for grants equaling 50% of the project value capped at $500,000, and entrepreneur or expert-in-residence projects can gain up to $25,000. Applications are ongoing.
Startups and SME’s keen to partner with Australia’s Commonwealth Scientific and Industrial Research Organisation (CSIRO) in research activities can get 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 $1.5 million or less in the current and past two previous financial years, and have been registered as a company for less than three years.
Biomedical Translation Fund
If you’re a startup operating in the space of health and wellbeing, there’s a chance you could go one better than a grant and instead receive a line of venture capital straight from the government. To access the Biomedical Translation Fund (BTF), your company must be “developing and commercialising biomedical discoveries” and have the majority of your employees and assets in Australia, along with a revenue of less than $25 million over the past two financial years.
Export Market Development Grant
The EMDG has been set up for aspiring and current exporters across a wide range of industries and products to help drive new outbound markets from Australia and 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 startups a leg-up in the global market by immersing them in one of five world-class innovation hubs. Startups 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 their networks, talent, mentors and investors. To be eligible, startups 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.