1/ Entrepreneurs’ programme
This programme replaced Commercialisation Australia and the Innovation and Investment Fund in 2014, aims to help businesses increase productivity and competitiveness with funding and access to a national network of private sector advisers and facilitators.
Accelerating Commercialisation Grants offer ventures up to 50% of expenditure on a project, which is capped at $250,000 for commercialisation offices and eligible partner entities, and $1 million for other applicants. Additionally, new and existing incubators can apply for grants equalling 50% of the project value capped at $500,000, and entrepreneur or expert-in-residence projects can gain up to $25,000.
Startups and SMEs keen to partner with Australia’s Commonwealth Scientific and Industrial Research Organisation (CSIRO) in research activities to help them further develop and grow their business.
To be eligible, companies have to be registered in Australia for GST, have an annual turnover of $1.5 million or less in the current and past two previous financial years, and have been registered as a company for less than three years. You could receive between $10,000 and $50,000 in matched funding. The funding can then be used to cover the costs of undertaking the project — such as salaries for researchers or travel and accommodation — but it may not be used for capital works, expenditure, or infrastructure costs.
3/ Research and Development Tax Incentive
The R&D tax incentive aims to help all businesses stay ahead of the curve through a tax offset that encourages innovation in even the smallest ventures.
Companies with an annual turnover under $20 million can claim a 43.5% refundable tax offset against R&D expenditure that amounts to $100 million or less.
All other eligible companies can claim a 38.5% non-refundable tax offset.
Non-refundable offset amounts that go unused can be carried on to future income years.
For R&D expenditure under $20,000, companies can only make a claim if it was undertaken with a research service provider or co-operative research centre.
Applications are ongoing but companies must register for R&D activities within 10 months of their income year first.
Dreaming to start your own business? We’re here for you!
We will accompany you in your first steps in realizing the dream. Everything from building the right business plan to dealing with the various governmental bodies.
Contact us for an obligation free appointment (03) 8548 1843 or via email email@example.com.