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Government Grants For SMEs – Have you got one?

R&D Tax Incentive

Is your company turning over under $20M, been undertaking Research and Development (R&D) expenditure in the financial year ended 30th June 2015 and trading at a loss?

You can receive a cash refund, calculated at 43.5% of the R&D expenditure within 30 days of lodging the company’s income tax return.

If you believe you’re in this position, please forward your financial data to us at your earliest opportunity so that the company’s income tax return can be prepared and lodged and, if not already done so, we will also ensure that the appropriate registration, relative to R&D projects, is submitted to AusIndustry.

Export Market Development Grant

If you have exported products or explored potential export markets during the year ended 30th June 2015, you could be eligible to claim an Export Market Development Grant.  There’s no pre-registration requirement, however, the business must have spent in excess of $20,000 on eligible export activities to claim a grant.  If you haven’t claimed this grant previously, you can combine the last 2 years to achieve the minimum $20,000 expenditure.

The Export Market Development Grant application has to be lodged by 30th November 2015.

The Export Market Development Grant returns can be lodged at any time from now on.  The Austrade policy is to immediately pay any grants with amounts of up to $60,000 to businesses.  If your grant claim exceeds $60,000, the procedure is to pay the business $60,000 as the first instalment, with the balance being paid from the available pool of Export Market Development Grant funding in May/June 2016.

If you would like assistance with the preparation of your Export Market Development Grant application form, please don’t hesitate to contact us.

Alternatively, if you would like a free white paper on the topic, please let us know.

written by:

Nigel Plowman

Prior to forming McKinley Plowman, Nigel specialised in management consulting and international accounting, enjoying success in Australia and in the United Kingdom. His extensive experience in management consulting, international accounting and innovative tax structures has been a major driver in the success of McKinley Plowman as well as the many businesses he has steered towards new levels. Nigel is dedicated to fast-tracking his client goals with cutting edge tax and business strategies. He is a member of the CPAs and the Taxation Institute of Australia and enjoys developing tax strategies that work well here and around the world.