Governments and community bodies offer to support businesses and the economy to grow and prosper in several ways through grants and funding. Often the application process for grants and funding can be time-consuming, as it requires compelling evidence as well as structural and financial analysis to increase your chance of success. Therefore, it is critical to have a comprehensive understanding of the key requirements before completing your application.

Ashfords have introduced a new service, offering businesses support to complete the application process for two key government grants:

1.  Research & Development Tax Incentive (RDTI)
2.  Export Market Development Grants Scheme (EMDG). 

Research & Development Tax Incentive (RDTI) 

"The RDTI offers a tax offset for companies conducting eligible R&D activities. It encourages investment in R&D to help your company to grow and innovate which generates benefits for the Australian economy."¹

Essentially the RDTI provides an offset at the time of lodging your tax return, which will return cash into your business by reducing your tax bill or providing you with a refund. 

The key to accessing this tax incentive is to show that your R&D is generating new knowledge. To show this, a detailed application needs to be submitted; and this is where engaging an expert to help you becomes very beneficial.

To be eligible, the company must: 

• be an Australian company (Australian resident & incorporated)
• have spent a minimum of $20,000 on R&D for the year
• be experimenting with generating new knowledge or developing new or improved materials/products
• conduct R&D in a systematic and scientific manner
• have documented experiments and results

RDTI applications close on 30 April 22. For a FREE initial conversation, please call Grace Tsuchida on 03 8513 8536.

Export Market Development Grants (EMDG)

"The Export Market Development Grants (EMDG) program helps Australian businesses grow their exports in international markets. These grants encourage small to medium enterprises to market and promote their goods and services globally." ²

To be eligible, the exporting business must: 

• be an Australian company (Australian resident & incorporated)
• have a turnover of <$20 million
• hold an ABN
• export eligible Australian goods, services, events or intellectual property
• have expenses relating to exporting or preparing to market to a foreign country

Elibigle SMEs will be able to apply for grants up to $770,000 per applicant. These can be accessed over eight financial years for activities such as:

• marketing eligible products in foreign countries
• training activities to develop marketing skills 

Note: Reforms to EMDG came into effect on 1 July 2021, reorienting EMDG from a reimbursement scheme to a grant program. During the transitional 2021–22 financial year, both the reimbursement scheme and grant program will run concurrently.

EMDG finishes for the year on 30 Nov 21. For a FREE initial conversation, please call Simone Goudie on 03 8513 8509.

¹  Cited from https://business.gov.au/grants-and-programs/research-and-development-tax-incentive
²  Cited from https://www.austrade.gov.au/australian/export/export-grants