Launched by the Department of Industry, Science and Resources, the objective of the early-stage commercialisation grants is to help businesses to undertake the steps necessary to establish the commercialise viability of an innovative product, process or service, including steps to undertake feasibility and proof-of-concept through to prototyping.

These Early-Stage Commercialisation grants can be used to undertake projects and business activities that progress a business toward the following outcomes:

• improve the commercialisation capabilities of participating businesses
• further develop innovative products, processes or services in preparation for commercialisation (e.g. prototypes, early testing)
• improve capability to seek and attract investment for the participating business.

SME’s can apply for grants of $50,000 to $250,000 to support early-stage commercialisation projects.

Eligibility and instructions on how to apply can be found on the Australian Government’s Grant Connect website.

Please contact the team at MGI if you have any questions or require further information.

The Business Growth Fund Program (BGF) targets high-growth businesses who can accelerate growth, drive Queensland’s economy and employ more Queenslanders. The program is administered by the Department of Employment, Small Business and Training (DESBT).

Eligible Business Size?

Small and medium-sized businesses that employ 5-49 people (headcount).

Interested businesses will be invited to submit an expression of interest from 9am on Wednesday 1 May.

Businesses with high-growth plans should review the guidelines and eligibility criteria for the upcoming round of the Business Growth Fund program.

This program offers grants of $50,000 to $75,000 to support the purchase of specialised equipment as a co-contribution with eligible businesses.

Successfully funded businesses are expected to:

• increase confidence for growth, transitioning from small to medium-sized
• increase productivity, turnover, profit and/or employment by 20%
• improve confidence to automate, scale up, increase market share, diversify and/or exploit exporting opportunities.

Expressions of Interest (EOI) are now open.

The application process involved 3 stages:

• Stage 1 – Expression of interest (EOI)
• Stage 2 – Full application
• Stage 3 – Pitch

Expressions of Interest close: 5pm Tuesday 14 May 2024.

Please contact the team at MGI if you have any questions or require further information.

Storm-ravaged tourism businesses on the Gold Coast will receive a further $2.5 million in support funding from the Queensland government. 50,000 vouchers, each worth $50 will be available for use at Gold Coast tourism businesses.

Some tourism businesses are still closed due to damage caused during the deadly Christmas and Boxing Day storms. Deadly storms battered south-east Queensland on Christmas Day and Boxing Day, claiming seven lives and leaving tens of thousands of homes and businesses without power. Tourism attractions across the region were heavily impacted, with some still closed due to the storm damage.

Premier Steven Miles has announced that 50,000 vouchers, each worth $50, would go on offer to stimulate the Gold Coast’s tourism economy.

How do the vouchers work?

If you spend $50 on a day tour or attraction taking part in the scheme you will receive an extra $50 credit. It means a $100 experience will put you out of pocket by $50.

Tourism and Events Queensland chief executive Patricia O’Callaghan said vouchers had been proven as a way of helping tourism businesses across the state during the COVID pandemic. She said they had proven benefits in the short- and long-term.

How do I get a tourism voucher?

Premier Steven Miles said south-east Queenslanders could access one of the 50,000 vouchers through the GC Summer FUNds website but it is yet to go live.
The vouchers, when you can sign up, will be available for use until the end of March.

For more information about the stimulus, visit the Queensland Government website.

If you have any questions or need assistance with your application, please contact the team at MGI South Qld.

As a business owner, navigating the financial landscape and understanding the available grants and incentives can sometimes seem like steering through uncharted waters. A lack of knowledge about the potential financing options is a common hurdle that many encounter. However, one well established program that is often overlooked is the research and development tax incentive. The scheme, also known as the r&d tax incentive or the R&DTI, is non-competitive meaning you just have to meet the criteria to be eligible to apply. So let’s take a look at the r&d tax incentive and answer some of the key questions.

What is the R&D Tax Incentive?

The R&D Tax Incentive is a flagship Federal Government program designed to boost competitiveness, innovation and drive economic productivity and encourage Australian companies to invest in research and development activities. The key aims are:

• encouraging industry to conduct R&D that may not otherwise have been conducted
• improving the incentive for smaller firms to undertake R&D
• providing business with more predictable, less complex support.

This tax incentive is not industry-specific, meaning that businesses from a wide range of sectors can leverage this benefit. It offsets some of the costs of research and development activities and aims to reduce some of the financial risks associated with undertaking this activity. This can be crucial for businesses who are keen to test new approaches but are uncertain about whether the long term gains of exploring new products or services can justify the costs.

By providing generous tax advantages to firms carrying out eligible R&D activities, the program helps lighten the financial load associated with undertaking such work. The key objective is to stimulate an ecosystem that nurtures inventiveness, pioneering business approaches and overall economic progression.

How Does The Tax Offset Work?

The incentive works by providing a tax offset for certain expenditures incurred in R&D activities. The offset rate, however, varies according to your business’s aggregated turnover and is now based on a premium on top of your corporate tax rate.

Companies with a turnover of less than $20 million

For smaller companies with aggregated turnover of less than $20 million, the refundable R&D tax offset is your corporate tax rate plus an 18.5% premium which equates to 43.5% for most companies in this bracket.

The offset can also be refundable so if your company tax liability is reduced to zero you can access a cash refund for any unused offset amount.

Companies with a turnover of more than $20 million

For larger businesses with an aggregated turnover of more than $20 million, there is a two tier system based on their research and development expenditure as a proportion of their total expenses. This is referred to as R&D Intensity.

• For research and development expenditure up to 2% R&D Intensity a non-refundable R&D tax offset equal to your corporate tax rate plus 8.5% premium will apply.
• Those with expenditure above 2% R&D Intensity will receive a non-refundable R&D tax offset of your corporate tax rate plus 16.5% premium.

While they cannot access a cash refund for any unused offset amount if the tax liability is reduced to zero, it can be carried forward to future income years.

It’s important to note that these offsets are subject to annual limits and other conditions set by the Australian Taxation Office (ATO) and AusIndustry.

R&D Tax Offset Eligibility Criteria

Many business owners wrongly assume that the R&D tax incentive is only available to businesses involved in scientific research or laboratory work. However, in reality if, for example, you operate in the manufacturing, IT, software development, agriculture, engineering, mining or biotechnology sectors, this program could present a great opportunity to grow your business.

To be eligible for the R&D Tax Incentive, businesses must:

1. Be an Australian Resident Entity: The incentive is primarily for businesses operating and paying taxes in Australia.

2. Engage in Eligible R&D Activities: These activities should be aimed at acquiring new knowledge, creating new or improved materials, products, devices, processes, or services. The activities must also meet the definitions of either Core R&D activities or Supporting R&D activities as defined by the program.

3. Incur Eligible Expenditure: This includes staff costs, materials, overheads, and some contractor expenses directly related to R&D activities.

4. Companies must register their eligible R&D activities with the Australian Taxation Office (ATO) before claiming the R&D Tax Incentive. The registration must be completed by the deadline specified by the ATO.

How to Apply

Applying for the R&D Tax Incentive involves a few steps:

1. Register Your R&D Activities: This must be done annually with AusIndustry within 10 months after the end of the income year in which the activities were conducted.

N.B. The window to claim the R&D incentive for the 2023 financial year closes on 30 April.

2. Submit a Tax Return: Include the R&D tax offset amount in your company’s tax return.

3. Maintain Records: Keep detailed records that demonstrate your R&D activities and expenditures are eligible under the program.

The R&D Tax Incentive is a powerful tool for fuelling growth, encouraging businesses to push boundaries, test new ideas and pioneer groundbreaking solutions. In a world where innovation is key to success, the offset could be the stimulus your business needs to stay ahead of the curve.

The R&DTI represents a vital opportunity for SMEs in Australia to advance their innovative projects while mitigating financial risks. By understanding and utilising this program, businesses can not only contribute to their growth but also to the broader advancement of technology and industry in Australia. It is advisable for SME owners to consult with tax professionals or R&D experts to navigate the application process and maximise the benefits of this incentive.

How MGI Can Help You With The R&D Tax Incentive

With expertise in accounting, tax, technology and business grants, MGI can leverage our expertise to support your business in understanding whether this scheme is right for you. As well as supporting our clients with all aspects of claim compliance and preparation, we also assist with reviews and audits associated with R&D Tax Incentive claims. Contact our Business Advisory team and let us shout you a coffee to discuss your business goals and whether you can benefit from this tax offset.

Queensland Government has announced disaster assistance, working capital Loans and freight subsidies for those impacted by the recent SEQ storms.

The Australian and Queensland Governments have announced further assistance for Queenslanders impacted by the SEQ storms on Christmas night.

Disaster Assistance and Essential Working Capital Loans are now available for affected small businesses, primary producers and not-for-profits in City of Gold Coast, Scenic Rim Regional Council and Logan City Council to assist with the repair and recovery of essential equipment, and for loss of income.

Freight subsidies are also being made available to primary producers to alleviate the costs of moving stock and operating materials.

Assistance is being provided through the joint Commonwealth-state Disaster Recovery Funding Arrangements (DRFA).

To access disaster loans or other activated assistance measures, you can apply with the Queensland Community Recovery Hotline (1800 173 349) which is available around the clock for questions on eligibility and how to apply. Visit Queensland Rural and Industry Development Authority for more information.

Disaster Assistance Loans

Up to $250,000 for producers and small businesses and $100,000 for not-for-profits to repair or replace damaged assets like plant and equipment, to repair premises, or to replace stock and maintain liquidity.

Essential Working Capital Loans

Up to $100,000 for primary producers, small businesses and not-for-profits to allow for the continuation of operations, including paying wages, rents or rates, purchasing items such as fuel, fodder and water, or for the transportation of livestock and produce.

Freight subsidies

Up to $5,000 for primary producers to assist with the movement of stock, feed, machinery, fuel, water, and building or fencing materials.

The joint statement by Federal Minister Murray Watt and State Minister Nikki Boyd highlights the support available and provides links to the relevant authorities.

If you have any questions or need assistance with your application, please contact the team at MGI South Qld.

Australian Government – Department of Health & Aged Care Grant Opportunity GO6625

This Historical Leave Liability Grant Opportunity will provide $130.9 million 2023-24 to fund Aged Care providers for 50% of the cost associated with paying higher leave entitlements for workers that have had their wages increased as a result of the Fair Work Commission (FWC’s) decision. Funding can only be claimed to ‘top up’ relevant leave entitlements that are directly attributable to the FWC’s decision of a 15 per cent wage increase.

Eligible leave liabilities are long service leave (recognised at the first full pay period on or after 30 June 2023), recreation leave (also known as annual leave) and personal leave (also known as sick leave).

Aged care providers include those that provide one of the following aged care programs:

• Residential Aged Care
• Transition Care Programme
• Home Care Packages Program
• Short Term Restorative Care Program
• Commonwealth Home Support Programme
• Multi-Purpose Services
• National Aboriginal and Torres Strait Islander Flexible Aged Care Program.

Applications can only be accepted from Aged Care service providers that have increased staff wages as a result of the Government’s $11.3 billion investment to support increased wages for aged care workers, as part of the FWC’s decision.

Closing Date for Grant Applications is 31st of January 2024.

For more information on your eligibility as an Aged Care provider and the Grant Opportunity Documents visit the Australian Government Grants website

If you have any questions or need assistance with your application, please contact the team at MGI.

The $50 million Backing Business in the Bush Fund is an investment program to support Queensland small to medium enterprises (SMEs) undertake projects in regional Queensland.

The Treasurer and Minister for Trade and Investment, The Honourable Cameron Dick, announced that applications are now open for SMEs looking to expand into regional Queensland.

SMEs eligible for the grant must:

• Employ between 5 – 199 employees.
• Have a turnover of at least $1 million per annum over the last two years.
• Operate in a ‘traditional’ industry (agriculture, forestry and fishing, mining, equipment, and services (METS), transport and logistics, or manufacturing related to agriculture, forestry, fishing, mining, processing minerals, transport or defence).

Activities that are eligible for the grant include those that focus on growing productivity and efficiency, employment and upskilling, and long-term sustainability and competitiveness.

Applications close on the 14th of January, 2024.

For more information on your eligibility and the application checklist visit the Queensland Government – Backing Business in the Bush Fund website.

If you have any questions or need assistance with your application, please contact the team at MGI.

Australian Government Grant Opportunity GO6548 – Stage 3 – Improving respite care for people with dementia and their carers

This grant is for improving respite care for people with dementia and their carers. Grant program funding for a range of activities (in the context of aged care) aims to increase support to informal carers and families caring for a person living with dementia, through access to dementia–specific respite support services in Tasmania, Western Australia, Northern Territory, Queensland, and the Australian Capital Territory.

Close Date & Time: 18th of December, 2.00pm ACT time.

Up to $27.408 million (GST exclusive) is available over four years from 2023-24 to 2026-27. There are two streams of activities and applicants may apply for funding under one or both streams.

Stream 1: Delivery of combined respite care for both the carer and person with dementia, applying the principles of HammondCare’s Staying at Home program in these jurisdictions: Tasmania, Western Australia and Northern Territory.

Stream 2: Delivery of innovative programs or models of respite care and respite care planning for people with dementia and their carers (applications may include opportunities to trial new approaches and one-off pilots), in these jurisdictions: Tasmania, Northern Territory, Queensland and the Australian Capital Territory. Funding for stream two activity ends in 2025-26.

Grant Opportunity Respite Care G06548 – Stage 3 Eligibility and Application Instructions

If you have any questions or need assistance with your application, please contact the team at MGI.

Australian Government Grant Opportunity G06557 – Aged Care Registered Nurses’ Payment to reward clinical skills and leadership – Round 2

In Round 2, payments up to $6,000 (GST not applicable) will be available per eligible Registered Nurse working in aged care.  This round will accept applications for Registered Nurses who were employed by the same eligible employer during the entire eligibility period of 1 November 2022 to 31 October 2023. Applications for this grant opportunity must be submitted by the employer. Employers should discuss this grant opportunity with their employees prior to the submission of the application.

To be eligible to receive a payment under this grant opportunity, Registered Nurses must hold general registration with the Nursing and Midwifery Board of Australia (Nursing and Midwifery Board of Australia – Nursing (www.nursingmidwiferyboard.gov.au)) as a Registered Nurse (Division 1).

Registered Nurses must have been employed by the same eligible employer for the full period of 1 November 2022 to 31 October 2023 to receive the 12-month payment or have been employed by the same eligible employer for the full eligibility period of 1 May 2023 to 31 October 2023 to receive a 6-month payment.

Applications for Registered Nurses eligible for either 12-month or 6-month periods can be lodged at the same time.

Successful applicants must make full payment of grant funds to eligible Registered Nurses within 8 weeks after receiving the grant funds.

Aged Care Registered Nurses – Round 2 Eligibility and Submission Instructions

Close Date: 20th of December, 2.00pm ACT time.

If you have any questions or need assistance with your application, please contact the team at MGI.