Government Grants & Incentives Update
A number of government grants are currently available to help with cashflow and assist your business in achieving its financial and commercial goals.
Research & Development Tax Incentive (Federal)
- Companies receive up to 43.5% in refundable tax offsets via the income tax return from eligible incurred R&D expenditure (offset varies according to turnover)
- For projects undertaken in the 2017 financial year that involve development and testing of new and innovative technologies with a high level of technical and financial risk
- Eligibility for Australian companies only who have incurred eligible R&D expenditure of at least $20,000
- Applications are open until 30 April 2018 for R&D projects relating to the 2017 financial year
- Find out more here - https://www.business.gov.au/assistance/research-and-development-tax-incentive
Small Business Digital Grants Program (Queensland businesses only)
- Funding up to $10K with 50% matched by the business (up to $20K project)
- For upcoming projects involving the incorporation of digital technology into the business such as web sites, social media, computer hardware, CRM’s, etc.
- Eligibility requirements include under $2 million in turnover and less than 20 employees
- Round 4 is open for applications until 5pm on 11 April 2018
- Find out more here - https://www.business.qld.gov.au/business/support-tools-grants/grants/digital-grants
Business Growth Fund Program (Queensland businesses only)
- Funding of up to $50,000 is available, with 25-50% matched by the business
- For upcoming purchase and implementation of specialised equipment or services (consultants,mentors, IP advice, etc.) to help SME’s seize growth opportunities
- Eligibility requirements include minimum trading history of 3 years, minimum turnover of $500,000 for the last financial year and less than 50 employees at grant application date
- Round 1 is open for applications from 28th March 2018
- Find out more here - https://www.business.qld.gov.au/starting-business/advice-support/grants/growth-fund
Queensland Jobs & Regional Growth Fund (Queensland businesses only)
- Funding from $100,000 to $10 million is available in either direct grants or relief of state charges
- For upcoming projects involving expansion into regional Queensland with a focus on growth proposals that maximise benefits for regional employment
- Ideally for medium to large businesses in various industries (agriculture, tourism, manufacturing, etc.)
- Currently open for Expressions of Interest
- Find out more here - https://statedevelopment.qld.gov.au/industry/industry-support/jobs-and-regional-growth-fund.html
Need further advice?
The Marsh & Partners team are able to provide advice and assist with Government Grant preparation and applications.
If you would like to talk further about financial help your business may be entitled to, please contact our office on (07) 3023 4800.
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