As a small business owner, you would inevitably have experienced one of the many pain points that small business entrepreneurs face: dealing with and staying up-to-date with regulation when expanding into new markets, and ensuring that your intellectual property (IP) rights are adequately protected. With its business-friendly environment, many of these risks can be mitigated with the funding and support available to small business entrepreneurs in Australia.
Here, we highlight the top five Australian government grants for small business you should make sure you don’t miss out on!
1. Access business advisors under the Accelerating Commercialisation Grant
Introduced in 2014, the Entrepreneurs’ Programme replaced Commercialisation Australia and the Innovation and Investment Fund in 2014. The Accelerating Commercialisation Grant is one of the schemes made available under the Entrepreneurs’ Programme that aims to help small businesses and entrepreneurs to commercialise novel products, services and processes. If you are a successful Grant recipient, you will receive a grant of up to 50% of the expenditure (up to a maximum of AUD $250,000 for commercialization offices and eligible partner entities, and AUD 1 million for all other applications).
Learn more about Accelerating Commercialisation.
2. Fight stagnation & grow your business with growth and innovation grants
A common fear of many small business entrepreneurs is that their business will stagnate due to a variety of reasons – burnout, rising competition, or simply a lack of funds. With the Business Growth Grants, you can push past stagnation in order to take your business to the next level. Engage external expertise to help your business implement improvements through a business evaluation, supply chain facilitation, growth service or tourism partnership service and the Business Growth Grant will reimburse your business for up to half of the cost of doing so (to a maximum of AUD 20,000).
Find out how to apply for a Business Growth Grant.
Under the Innovation Connections Facilitation component, your business can work with experienced Innovation Facilitators to identify knowledge gaps that are impeding business growth. The Innovation Connections Grant will reimburse you 50% of the total project costs (up to the value of AUD 50,000).
Learn more about the Innovation Connections Grant.
3. Strengthen your company’s capabilities with the R&D Tax Incentive
Research and Development (R&D), while crucial, may not be possible for your small business due to prohibitive costs. The R&D Tax Incentive helps to offset some of the costs of conducting eligible R&D activities. Companies that have incurred R&D expenditure of at least AUD 20,000 may apply. If your R&D expenditure is less than AUD $20,000, you may still apply if you have conducted your R&D through a Research Service Provider (RSP) or Co-operative Research Centre.
Learn more about the types of activities funded.
4. Enter new markets abroad with the EMDG
If you are a small business owner, you may qualify for the Export Market Development Grants (EMDG) scheme. This is a financial assistance programme for expiring and current exporters that is administered by Austrade. The EMDG scheme will reimburse up to 50% of eligible export promotion expenses above AUD 5,000 provided that the total expenses are at least AUD 15,000.
As you enter new markets and encounter unfamiliar regulatory environments, it is important that you stay on top of legislation that may apply to your business. With Dragon Law recently launched in Australia, you can rely on us to provide you with the right legal documents so that you don’t have to worry about legal.
5. Shave off your tax commitments with the small business entity concessions
As a small business with limited resources, you may constantly feel that you’re struggling to stay afloat. You can heave a sigh of relief if you are a small business with an aggregated turnover of less than AUD 2 million in Australia qualify for a range of concessions. This includes income tax concessions and GST and excise concessions. These tax concessions only reduce the tax burden of small businesses but also makes the accounting administration burden more manageable.
Learn more about the range of concessions your business may be entitled to.
Government grants are not the only source of funding and support for small businesses. Check out the state government grants that are also available.
Are there any grants that you have tapped on to that we have missed out?
Let us know in the comments below!