Government Assistance For Small Businesses

There’s an abundance of financial government assistance for small to medium businesses if you know where to look. In light of the (fast-approaching) end of the financial year, we’ve compiled a list of upcoming federal, QLD, VIC and NSW government grants and payments your business may be eligible for.

Of course, government grants are always limited and generally distributed in a first-in-best-dressed methodology. From our own experience and from communicating with our clients, we know it can feel impossible to work with the system and get your application in on time. It’s frustrating.

We recommend preparing your application in advance where possible, and always hopping on to lodge it far ahead of time. So, when the application ‘opens’ at 9am, jump online at 8am and be ready to go, just in case. Although it may feel like redundant time, that extra hour or half hour could be the difference between your business receiving $50,000. If you ask us, it’s absolutely worth being safe rather than sorry.

This article provides a brief summary of the following government grants and payments. To get into the nitty-gritty for each, click on its provided link:

DIGITAL & SKILLS TAX BOOST FOR SMALL BUSINESSES – AUSTRALIA WIDE

AIM:

The Digital & Skills Tax Boost for Small Businesses allows small businesses to claim an additional 20% on tax deduction for up to $100,00 a year on costs incurred on business expenses and depreciating assets that support their digital adoption, as well as eligible training courses for employees. So, for every $100 a business spends on services that support their digital capacity or trains their employees, they can claim $120.

WHEN THE BONUS DEDUCTION APPLIES:

Visit the Small Business Technology Investment and Skills and Training Boost ATO webpage for specific periods the measure applies.

HOW TO CLAIM:

The 20% bonus deduction for eligible expenditure should be claimed for the financial year the expenditure incurred. Visit the ATO webpage for specific details.

ELIGIBILITY CRITERIA:

Check your eligibility to find out if you can deduct the additional 20% tax break. Main criteria include:

Small business with an aggregated annual turnover of less than $50 million
Annual $100,00 cap applies to each qualifying income year for the additional expenses claimed.
Learn more here

SMALL BUSINESS DIGITAL ADAPTATION PROGRAM – VIC

AIM:

The Small Business Digital Adaptation Program helps small Victorian businesses build their digital capacity by helping them access a range of digital business tools. The tools aim to help successful businesses build or upgrade their website, improve cash flow, start online marketing, or keep better track of stock.

AVAILABLE FUNDING:

Businesses receive a rebate of $1,200 to use to access digital business tools from the 14 suppliers the Victorian Government has partnered with for the program, including SquareSpace, Lawpath, Xero and Shopify. Once you’ve purchased your preferred digital product/s through one of the partner suppliers, you must apply for the rebate to cover 12 months access to the product.

There are only a limited number of rebates and you will need to pay ongoing costs for the product after the rebate runs out.

IMPORTANT DATES:

Attend unlimited workshops until 18 June 2022
Rebate applications due 11:59pm 18 July 2022

ELIGIBILITY CRITERIA:

Check your eligibility to find out if your business can apply for the rebate. Main criteria include:

You’re a sole trader, or micro/small business
Have operated a business in Victoria before or since 28 March 2021
Hold continuously held an Australian Business Number before or since 28 March 2021

FLOOD ASSISTANCE BUSINESSES SUPPORT – NSW & QLD

AIM:

The Australian Government’s Flood Assistance Business Support Program aims to support businesses affected by the February and March 2022 South East QLD and NSW floods.

AVAILABLE FUNDING:

There are a variety of grants and payments available in NSW and QLD depending on the size of the business, extraordinary disaster severity, and time. Learn what support is available to help get your business up and running again on the program page.

IMPORTANT DATES:

Please visit the program page to see specific dates for each grant or payment scheme.

ELIGIBILITY CRITERIA:

Eligibility criteria is unique to each individual grant or payment scheme. Please visit the program page to see specific eligibility criterias. .

BUSINESS GROWTH FUND PROGRAM ROUND 4 – QLD

AIM:

The Business Growth Fund Program is for small to medium-sized high-growth businesses that can accelerate growth, employ more Queenslanders, and drive Queensland’s economy. This is the fourth round of grants.

AVAILABLE FUNDING:

Successful applicants are eligible for a single up-front payment of between $25,000 and $50,000 (excluding GST) which is to be used for buying specialised equipment to meet business growth. The equipment must have a direct link to increasing employment and maximising economic returns, for example:

Production equipment to meet otherwise unachievable growth demand
Advanced manufacturing or digital equipment and systems
Advanced logistics systems & equipment

IMPORTANT DATES:

Stage 1 – Expression of interest. Opens 9am 31 May 2022 and closes when a sufficient number of applications are received.
Stage 2 – Full application
Stage 3 – Pitch

ELIGIBILITY CRITERIA:

Check your eligibility to find out if your business can apply for the program. Main criteria include:

Have a minimum turnover of $500,000 for the last financial year
Have fewer than 50 employees at time of application
Be experiencing growth and have clearly defined high-growth and employment opportunities in Queensland. High growth is defined as a 20% increase in productivity, turnover, profit and/or employment in the last 12 months.

BUSINESS BOOSTS GRANTS PROGRAM ROUND 2 – QLD

AIM:

The Business Boosts Grant Program provides support to small businesses to advance improvements in their efficiency and productivity. This support includes funded activities in the areas of future planning, specialised and automated software, and staff management, development and planning. Although Round One has been finalised, Round Two will open in July/August.

AVAILABLE FUNDING:

Successful applicants will be eligible to receive a grant payment of $7,500 – $15,000 (excluding GST) once their proposed project has been completed. Grant funding will only be paid after compliant documentation of the project is received, and businesses must contribute at least 30% of the total project cost.

IMPORTANT DATES:

Round 2 launches online – TBA: mid July
Online application opening date – TBA: late July to mid August
Closing date – when sufficient applications are received

ELIGIBILITY CRITERIA:

Check your eligibility to find out if your business can apply for the program. Main criteria include:

Have a turnover of BETWEEN $300,000 and $600,000 for the last financial year
Have fewer than 20 employees at time of application
Have a publicly reachable web presence (website or social media pages) to identify your business operations

Our team are always available to help with questions and advice regarding grant applications. Please reach out to us for more information.