“MORE SUPPORT FOR AUSTRALIAN INNOVATORS”
As of today, December 7, the Federal government has introduced a series of measures aimed at improving the Commercialisation Australia program and provide greater assistance to Australian businesses that are developing a new product, process, or service.
The key measures include:
1. The annual turnover limit for the Commercialisation Australia applicants will rise from $20 million to $50 million.
2. The funds received under Early Stage Commercialisation grants no longer have to be repaid by the recipients.
3. Growing businesses that can benefit from access to skilled managers now have the option to apply for an Experienced Executives grant of up to $350,000, which is up from $200,000.
It is also expected that the Federal government will introduce further measures in 2012 to support innovation in the manufacturing sector. This is on top of the introduction of the new R&D Tax Incentive from July 1, 2011.
The R&D Tax Incentive is a broad based, non-competitive program, applicable to companies in all industries involved in eligible research and development activities to receive tax credits or refunds for the work undertaken during the year.
Also, as a reminder, companies wishing to apply for the R&D Tax Concession for the FY2010/11 have to submit their registration by April 30, 2012. It is highly advisable that the companies that have not yet submitted their FY2010/11 claim kick off that process ASAP so they do not miss out on much needed funding.
Please contact Saving Point with enquiries relating to any of the programs mentioned above.
Phone: +61 3 9555 3551
Fax: +61 3 9555 4551
Office:
Suite 15, 8 Tuck Street Moorabbin, VIC 3189
Postal Address:
PO Box 243, Elsternwick, VIC, 3185
www.savingpoint.com.au
