Grants Are A Great Diversification Service

One of the obvious diversification strategies that accountants can pursue is to assist SME clients to have a better understanding of the government grants that are available and to assist clients in the grant application process.

A further benefit is that your accounting firm may then be able to undertake some of the projects that are being 50% funded by the government.  This can relate to services that accountants, involved in undertaking business advisory services activities, can undertake for the benefit of their clients including:

• Business/Strategic Plans
• Predictive Accounting – Budgets, Cashflow Forecasts, Projected Balance Sheets
• Research and development recordkeeping for claiming the Research and Development Tax Incentive Rebate
• Applications for an Export Market Development Grant
• Leadership Team Mentoring and Training
• Some of the grants that you might be able to discuss with your clients include:

Accelerating Commercialisation Grant

To receive this grant, the applicant has to be a company.  The grants can be for an amount up to $1,000,000, on a 50% funding basis.  It’s important to note that the applicant does not need to have their contribution available when the application is submitted, but you will have to include details of where they are going to get those funds to meet their share of the cost as the funds are required.

The applicant’s turnover must be under $20,000,000 for each of the last 3 years.

The grant is basically to fund “commercialisation activities” from the completion of the prototype, which would normally be undertaken as part of research and development activities, until the company has completed its “first commercial sale”.

The company must have developed a novel product, process or service that they wish to commercialise.

Business Growth Grants

A grant supplied under the Entrepreneurs’ Program to SMEs to help build capacity, improve capability, extend networks and take advantage of growth opportunities in Australian or markets in other countries.  Support is supplied for eligible businesses from 1 of 3 streams:

1. Business Evaluation
2. Growth Services
3. Supply Chain Facilitation

Grants of up to $20,000 are available, on a 50-50 funding basis, for eligible businesses.

Research and Development

The applicant must be a company, have undertaken a documented research and development project and complied with recordkeeping and reporting requirements.

For companies with turnovers under $20,000,000.

In 2021/22 the Research and Development Tax Incentive Rebate is 18.5% above the company tax rate.  With the company tax rate for companies with turnovers under $20,000,000 being 25%, this means the Research and Development Tax Incentive Rebate for these companies is 43.5% – the same amount as for recent years.

The particular benefit that these companies have is that, if the company is trading at a loss, the directors can resolve to elect to receive a cash refund from the Australian Taxation Office as part of the company’s income tax return lodgement process, of up to the value of the Research and Development Tax Incentive Rebate amount, subject to the company’s tax losses exceeding the rebate amount.  The Australian Taxation Office normally pay this cash refund directly into the company’s nominated bank account within 30 days of the company lodging its income tax return.

Export Market Development Grant

A new system has commenced from 1st July 2021.

Any type of business that has been involved in export activities, which has a turnover of less than $20,000,000 per annum, can make an application for an Export Market Development Grant.  Applications opened on 16th August 2021 and continue until 30th November 2021.  This new system is an “eligibility based grant program”.

When the grant application has been assessed and approved, a Grant Agreement will then be prepared between Austrade and the applicant.  Austrade has indicated that milestone payments will be made to successful applicants.  Grants will be available in 3 stages, referred to as “Tiers”.  The grant funding will only relate to 50% of the cost incurred by the exporter.

Tier 1: Ready to Export

• First time exporters.
• Maximum 2 years and maximum $40,000 per financial year.

Tier 2: Expanding

• Expanding your export promotion activities.
• Maximum 3 years a maximum $80,000 per financial year.

Tier 3: Expanding and Strategic Shift

• Expanding your export promotion activities and making a strategic shift, for example, targeting a new market or a new type of customer.
• Maximum 3 years and maximum $150,000 per financial year.

Summary of the new scheme:

• This new scheme could apply to any eligible business for up to 8 years (not necessarily cumulative) and involve payments aggregating a maximum of $770,000.
• ESS BIZTOOLS supplies a first-class grant finding system for accountants, business advisors, bookkeepers and Chief Financial Officers known as ESS BIZGRANTS - essbizgrants.com.au.
• Why not visit and take advantage of the two-week free trial available for one of your clients?

ESS BIZTOOLS offers consulting services to accountancy firms that need assistance to guide clients through the grant application process.  If you would like to discuss grant issues relating to an individual client, please do not hesitate to contact Peter Towers at or telephone 1800 232 088.

Take Advantage Of Our Extended 50% Discount To Get Started With Business Advisory Services

We know that many accountants, bookkeepers, business advisors and Chief Financial Officers are experiencing significant difficulties because of the COVID-19 lockdowns.  We have extended our 50% discount offer until 6th September 2021:

• Business Advisory Services Starter Package – 50% discount – your investment $999 (including GST) for 12 months access.
• Advanced Package (previously known as Gold) (this package includes all of the ESS BIZTOOLS material, including access to ESS BIZGRANTS) – 50% discount – your investment $3,250 (including GST) for 12 months access.
• Chief Financial Officer Service Package – 50% discount – your investment $1,375 (including GST) for 12 months access.
• Innovation Package – 50% discount – includes Research and Development, Accelerating Commercialisation Grant, Early Stage Innovation Company Capital Raising Process and Business Advisory Services Training – $2,500 (including GST) for 12 months access.

Your action:

Please complete the subscription form - (click here) and indicate whether you would like to receive one of the Affiliate’s packages (subject to availability).

Please complete and return to us as soon as possible and we will confirm if the Affiliate support package is available for you and upload your firm as a subscriber to ESS BIZTOOLS.

Affiliate Support Packages:

• Blackstone Business Group (Jordan Lowry)
  • Complimentary Employment Contract Review – Reduced Employment Contract Package for $399 plus GST.  Link to video click here.
  • Link to article click here.

• “Selling the Message” – Brad Smart is offering to write or help you write your first customer email or newsletter without charge.
  • This offer is for the first 10 firms who have subscribed to the ESS BIZTOOLS’ Link to video click here. 
  • Link to article click here.
• Smithink (Mark Holton)
  • Discounted subscription fees for the “Young Gun Conference” at the Gold Coast, 11/12 October 2021.
  • Link to video click here.  Link to article click here.

• Cloud Nine Associates (Priscilla Bea Smith)
  • CPD hours at a discount – first 5 subscribers who leave a “review” will be reimbursed the cost of the small business concession course fee.
  • Link to video click here.  Link to article click here.

• Beyond Accounting Technology (Paul Barnaby)
  • Predictive Accounting review normally $695 at no charge for the first 20 firms that have subscribed to the ESS BIZTOOLS’ promotion
  • Link to video click here.  Link to article click here.

• Amanda Gascoigne Consulting (Amanda Gascoigne)
  • “Small and Solo Practice Coaching Session” no charge for the first 10 firms that have subscribed to the ESS BIZTOOLS’ promotion. 
  • Link to video – click here. 
  • Link to article – click here.

We acknowledge the assistance offered by our Affiliates.  Details of the offering by each Affiliate is available on the ESS BIZTOOLS’ website - Affiliates - click on the Affiliate.

Upcoming Webinar Presented By ESS BIZTOOLS

• “Business Advisory Services Implementation Training - Business Health Checks - Pharmacy & Supermarkets” - Tuesday 31st August 2021 at 12-noon AEST. To register (click here).

Did You Miss Our Recent Webinar?

We’re happy to be able to give you access to the webinar recordings:

• “Predictive Accounting” - Friday 20th August 2021 - click here.
• “Business Advisory Services Implementation Training - Retail Pricing Calculator - Aligning Product Mixes and Mark-ups to Earn Targeted Profits” - Wednesday 25th August 2021 - click here.

Want To Know More?

You are invited to “Book A Demo” on ESS BIZTOOLS with Peter Towers, Managing Director, ESS BIZTOOLS to gain a better understanding of the services that are available within ESS BIZTOOLS and ESS BIZGRANTS?  

You can book a demo at www.essbiztools.com.au or contact Peter Towers:

• Email:
• Telephone: 1800 232 088

Stay safe!
Have a great day!