Innovative businesses welcome grants
Business Advisory Services Update
Accountants you will benefit from the variations that they will encounter from assisting clients undertaking the Innovation Journey.
One of the significant variations is researching and then assisting innovative clients in the grant application process.
There are a number of grants offered by the Australian, State and Territory governments which will be very beneficial for clients undertaking innovation.
A popular grant that assisted many companies that were on the “innovation journey” for the last 12 years was the Accelerating Commercialisation Grant, which was phased out in the 2023/24 Australian Government Budget.
However, that is not all bad news. In the budget speech, the Federal Treasurer announced that the government was proposing to introduce a similar grant “later in 2023”, to be known as the Industry Growth Program.
There has been some information released about the new grant, which has indicated that projects in the priority areas of the “National Reconstruction Fund” recently introduced by the Federal Government will be eligible for the program. The priority areas are as follows:
- Renewable and low emission technologies
- Medical science
- Transport
- Value-add in agriculture, forestry, fisheries sectors
- Value add in resources
- Defence capabilities
- Enabling capabilities
In the announcements already made, it has been indicated that grants from $50,000 - $5million will be available to assist businesses to “scale up”.
If you have clients who you know have been undertaking R&D activities, now could be a great time to let them know about the new grants, which have been specifically designed to assist “Innovative Young Companies”, will be open for applications later this year.
ESS BIZTOOLS can assist with getting your firm prepared to help SMEs on their “Innovation Journey”. To find out more, visit www.essbiztools.com.au or call us on 1800 232 088.
