InCorp Global can help you traverse this complicated landscape and take advantage of the financial assistance that these programs have to offer.
The Australian Government offers several grants that can give innovative small and medium-sized businesses the critical cash funding they need to move forward. The three main grants are:
|R&D Tax Incentive||Export market development grant||Early Stage Innovation Company (ESIC)|
|● Cash rebates to encourage research and development activities
● The R&D Tax Incentive is one of the most lucrative government incentives globally — regardless of your business size. Offered by the Australian Taxation Office and AusIndustry, it provides a generous offset to encourage research and development activities that can benefit the Australian economy.
○ For companies with a turnover under $20 million, it can deliver a cash benefit of up to 43.5 cents in the dollar.
○ For those with a turnover more than $20 million, the benefit is still significant however reflected as a reduction in income tax payable
|● Reimbursement on promotion-related expenses of exports
● Through the Export Market Development Grant, the Australian Government offers up to a 50% reimbursement on promotion-related expenses of exports—be they products, services, or even simply intellectual property.
|● Concessional tax treatment for investors in innovative, high-growth start-ups
● The Early Stage Innovation Company (ESIC) tax incentive provides concessional tax treatment for investors in innovative, high-growth start-ups
● As part of this initiative, as of 1 July 2016, if a taxpayer invests in a qualifying ESIC, then they may be eligible for tax incentives. These tax incentives include:
○ Non-refundable carry forward tax offset of 20% paid for qualifying investments (limited to $200,000 for the investor and affiliates collated per income year)
○ Modified capital gains tax (CGT) treatment that disregards capital gains on qualifying shares held for at least 1 year and <10 years
How InCorp Australia Can Help:
InCorp Australia’s R&D tax incentive services can be broken down into stages:
We work with you to define eligibility and identify potential R&D projects and any other relevant government incentives.
Using our unique interview-based ‘reverse audit methodology,’ we prepare your supporting documentation, including R&D project plans.
We calculate your eligible R&D expenditure on a project-by-project basis.
We prepare your application for registration of R&D activities for lodgement with AusIndustry, and if approved, the R&D schedule for lodgement with the Australian Taxation Office.
We liaise with AusIndustry and the Australian Taxation Office in the event of any review or audit.
Besides the R&D Tax Incentive, InCorp Australia can also assist across a suite of other government incentives programs across export market development grant (EMDG) and early stage innovation company (ESIC) supporting across calculations, testing, and submissions.
Our aim is to enable governments to maximise economic value capture through the design and implementation of the right suite of incentives that promote your growth and expansion.
Our incentives experts have secured more than $320 million in grants for our clients to date and we can help you too.
Please contact our team today to kickstart a conversation on how InCorp Australia can assist you!