It’s no secret that running a business is hard work.
After a year of watching our cities dip in and out of devastating lockdowns, many business owners have been forced to put any dreams of expansion or development on hold. But one of the upsides to living in Australia is that there’s always support available to get things done.
In fact, there’s much more support than most people realise.
We’ve shared the various COVID-19 payments with our clients as they become available. But that’s just the tip of the iceberg when it comes to the different support your SME may be eligible for.
According to this tool I’m about to show you, there’s currently over $72.5 billion worth of available support out there, just waiting to be claimed by Australian SMEs.
You’d be forgiven for not knowing about this. Most people only find out about grants & assistance programs by talking to their peers who’ve received them – and by then it’s too late to get on board.
This free tool will help you find support while it’s still available.
I recently came across the Business Grant Finder, run by Business Australia. It’s a free tool that allows you to search for any funding assistance that your business may be eligible for.
There’s a wide range of funding support available – not just your traditional lump-sum grants. There are also tax offsets and exemptions, staff training programs, access to equity financing, hiring subsidies and more.
This list is growing all the time. When I first found it two weeks ago, there were about 1500 opportunities for business support. When I last logged on, there were over 1,900. Don’t stress about having to sift through all of these. You can use filters to search by location, industry, or even by the complexity of the application process.
There’s no catch to this resource – it’s completely free. All you need to access this list is an ABN and an email address to make an account, and you can easily opt out of receiving any of their marketing material.
I should make it clear that this post isn’t a sponsored ad for Business Australia. There’s no affiliation between us. But I’m highly passionate about helping Australian businesses grow. We often share resources, tools or opportunities that may be able to benefit our clients and our community. It’s in that spirit that I’ve chosen to share this tool with you.
Here are some support opportunities that might suit your business.
Finally, I wanted to leave you with a few examples that might be of interest to some of you. Because we work with a wide variety of clients, I’ve chosen examples that offer broader eligibility requirements. They focus on already established businesses looking to expand their operations or save money on tax.
Export Market Development Grants (Gov. Funded)
An eligible SME exporter will be able to apply for grants up to $770,000 per applicant over eight financial years for promotional activities to market eligible products in foreign countries, or training activities to develop skills in such marketing. The eight years do not need to be consecutive. Applications are open until 30 Nov 2021.
This scheme aims to provide an up-front exemption from customs duty and GST for eligible imported goods that are to be subsequently exported. There’s no limit to the number of goods you can list, as long as they meet the eligibility requirements. This one is listed as DIY, which means it’s easy to apply for this yourself.
R&D Tax Incentive Program (Tax Offset)
This government program aims to stimulate investment in R&D. It provides tax benefits to companies to help offset some of the cost of conducting eligible research and development activities. It’s open for applications on an ongoing yearly basis.
From 1 July 2021, companies with an aggregated turnover of less than $20 million may receive a refundable ( ! ) R&D offset rate equal to their corporate tax rate, plus an 18.5% premium. Those turning more than $20 million may receive a non-refundable tax offset equal to their corporate tax rate, plus an incremental premium that depends on the intensity of the R&D expenditure.
At Rees Group, we don’t claim to be experts when it comes to grants and applications. But we are experts when it comes to business financing and managing your cash flow.
So if you’re considering applying for any kind of assistance, including those listed above, then you should get in touch with one of our advisors today. They’ll help you understand how to integrate this support with your existing financial situation and make sure you get the most out of the opportunity.
Disclaimer: This advice is general in nature and does not take into account your personal objectives, financial situation or needs. You should consider whether this advice is suitable for you and your personal circumstances before acting on it.