Happy New Financial Year! Welcome to this edition of Collins Hume's Grant Alerts for June. We take this opportunity to extend to you our best wishes for a very successful 2013/14!
Continuous Improvement Program
If you have participated in the Tailored Assistance Program, you could be eligible for admission to the Continuous Improvement Program. The aim of this program is to accelerate the competitiveness and raise the performance of individual Australian companies through a process of continuous improvement across the entire range of the business' activities. Eligibility is available to every company that has undertaken a business review and has completed Stage 1 of Tailored Assistance Scheme at least 12 months previously.
To be approved for the Continuous Improvement Program, your company needs to be able to demonstrate that it has achieved significant progress in addressing the outcomes of the original business review.
Export Market Development Grant
The Export Market Development Grant application for 2012/13 financial year opened on 1 July 2013, with the closing date for applications being Monday 2 December 2013. Grants are available for businesses that have exported or undertaken export market activities and expended in excess of $20k of eligible export market expenditure in the year ending 30 June 2013.
If this is the first grant year, the business can combine eligible export market development expenditure in 2011/12 with the expenditure incurred in 2012/13. This would then become the total expenditure in the 'first year' for the Export Market Development Grant. The minimum grant is $10k, the maximum grant is $150k.
The Tradex Scheme provides exporters with exemption from custom duties and other taxes (apart from excise taxes), but including GST, on eligible imported items. It is a requirement that you must intend to subsequently export the goods, or incorporate them in goods for export. This enables importers, who intend to export the goods, to avoid having to pay customs duty and GST at the time of import. This will mean that you have to claim refund (draw-back) after the goods are exported. There can be significant cash flow benefits if you're an importer who is then exporting product, including products that were originally imported.
Textile, Clothing and Footwear
If you operate in the textile, clothing and footwear industry, you could be entitled to a grant under the Textile, Clothing and Footwear Small Business Program. An eligible business will have fewer than 20 employees and undertakes eligible textile, clothing and footwear activities.
This grant applies to a textile, clothing and footwear business that manufactures or designs for manufacture in Australia, rather than businesses that solely import products made overseas, or only undertakes retail activities, the latter for whom this grant is unavailable.
Medical Practitioner Rural Relocation Incentive Grant
Are you a medical practitioner wishing to relocate to regional, remote or very remote location? Grants are payable over a two-year period, with a grant of:
Tap your business potential
- $120k available for a medical practitioner relocating from a major city to a very remote location.
- $15k available for a medical practitioner relocating from a major city to an inner regional location.
There are many Australian and State government grants for small and medium sized enterprises. It is estimated that the total business grant market in Australia is in excess of $5 billion annually so why not check if you're eligible? Call Collins Hume on 02 6686 3000 to find out more about your eligibility in the first instance or read more
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