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June Newsletter RADBE Consulting

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GOVERNMENT GRANTS & INCENTIVES – JUNE 2018 UPDATE

Tax planning may sound boring to everyone except accountants, but it is an integral part of running a business. Without appropriate planning, many SME’s find themselves overpaying tax or with unnecessary cashflow shortfalls. It is important to incorporate government grant opportunities into this process by ensuring eligibility requirements are being met and the correct structures are in place prior to 30 June.

Research & Development Tax Incentive (Federal)

  • For companies undertaking projects in the 2018 financial year that involve development and testing of new and innovative technologies with a high level of technical and financial risk
  • Eligibile for Australian companies only who have incurred eligible R&D expenditure of at least $20,000
  • Applications are open from 1 July 2018 until 30 April 2019 for R&D projects relating to the 2018 financial year
  • Essential tax planning activities prior to June 30:
  • Checking your business meets basic eligibility requirements
  • Estimate (as accurately as possible) R&D expenditure for the financial year O Ensuring R&D expenditure has been accounted for in the correct entity
  • Making sure that transactions between related parties have been correctly made and accounted for (invoices, GST, etc.)
  • Ensuring that appropriate documentation is in place (license agreements, loan agreements)
  • See https://www.business.gov.au/assistance/research-and-development-tax-incentive for more info

 

Export Market Development Grant (Federal)

  • Reimburses up to 50% of eligible marketing costs related to developing export markets and securing overseas sales
  • For Australian businesses with a minimum of $15,000 in eligible export promotional expenditure
  • Applications are open from 1 July 2018 until 30 November 2018 for marketing expenditure paid in the 2018 financial year (first-time applicants can combine 2 consecutive financial years)
  • Essential tax planning activities prior to June 30:
  • Checking your business meets basic eligibility requirements
  • Ensuring expenditure related to overseas marketing have been paid by the business
  • Checking that the appropriate structures are in place for sales made to overseas customers
  • Making sure that the necessary documentary evidence is in place to ensure maximising of the claim (receipts, travel logs, consulting agreements, etc.)

Go to https://www.austrade.gov.au/Australian/Export/Export-Grants for more information

The experienced team at RADBE Consulting are on hand to provide advice, assist with application planning and preparation to ensure our clients maximise the benefits received. Please contact us on (07) 3216 6242 or info@radbe.com.au for additional information on these grants as well as others you may be eligible for.

Latest News

Business Ignite Project CLOSING SOON

The Queensland Government is committed to opening Queensland back up for business in the wake of COVID-19, funding a free business education program designed to help navigate economic impact.

The program is available to small business owners, their staff, aspiring and previous operators. It provides access to online resources, including libraries, materials, activities, classes, workshops, courses, e-books, templates and tools to assist businesses in understanding and navigating a response and build a stronger future.

The program is valued at upwards of $5,000 per user, and includes coverage of:

  • Content Creation
  • Digital Marketing
  • Accounting and Finance
  • Branding and PR
  • Digitising Your Business
  • HR and Recruitment
  • Supply Chain
  • Business Basics
  • Pivot Opportunities
  • Scaling Your Business
  • Mindset and Growth
  • Networking Opportunities
  • Support and Mentoring

Contact us for more information.

Update: R&D Changes 2021

The R&D Tax Incentive is undergoing a number of reforms as part of the 2020-21 Federal Budget, including increased benefits for the 2021-22 financial year. Find out more here.

Kia ora, R&D in NZ

RADBE is now providing RDTI services in New Zealand, find out more information here.

RDTI Concerns Raised in Estimates 26/02/19

The research and development tax incentive (RDTI) was a main focus during the Department of Industry’s appearance at senate estimates on Thursday afternoon.

New RDTI Guidance Article

The guidance outlines how companies undertaking software development will have to be more specific with making sure that activities meet the government’s definition of research and development, and keep better records of the activities...

September Update for State based Government Grants

STATE-BASED GOVERNMENT GRANTS – SEPTEMBER 2018 UPDATE

In the 2018 budget the Queensland Government injected an additional $73 million over 4 years into the Advance Queensland Program bringing the total available funds to $650 million. 

 

Budget 2018

New information relevant to Federal Government Grants August 2018