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Manufacturing Grants
The Federal Budget in October included significant funding allocated to the re-invigorating Australia’s manufacturing sectors. More detail is becoming available on how these funds will make their way to manufacturers is starting to become available.
Victorian State Budget Summary
On Tuesday 24 November 2020, Victorian Treasurer handed down the 2020/21 State Budget. It’s been billed by many commentators as a game-changing tech budget, and it contains many welcome measures that will benefit Victorian startups. Our team are happy to discuss these measures with you, however the following is a brief summary of some of the key points.
Small Business Tax Concessions
Access to a range of tax concession currently available to only those businesses with aggregated turnover under $10 million has been expanded
JobMaker Hiring Credit
To counter the impact of COVID-19 on the employment of young people, the JobMaker Hiring Credit has been introduced to incentivise employers to hire young job seekers aged between 16 and 35.
Further Extension to Instant Asset Write-off
From 7:30pm on 6 October 2020 until 30 June 2022, businesses with an aggregated annual turnover of less than $5 billion will be able to deduct the full cost of eligible depreciable assets of any value in the year they are acquired.
Export Market Development Grant – EMDG
The Government has announced that it will be introducing changes to the EMDG program, to simplify the scheme beginning 1 July 2021.
Modern Manufacturing Strategy
Investment of $1.5 billion in new funding for the manufacturing sector has been announced. Over the next four years the Modern Manufacturing Strategy is aimed at making Australian manufacturers more competitive and able to scale-up.
Loss Carry-back
In a measure designed to provide cash flow support to previously profitable businesses severely impacted by COVID-19 and now running at a loss, the Government has re-introduces a “loss carry-back” mechanism
Research and Development Tax Incentive
The Government has announced an enhancement to the reforms included in the Bill with the investment of an additional $2 billion in the program
Customs update
You’d have to be hiding under a rock not to realise the impact the pandemic is having on business. Many importers are struggling with cash flow issues at the moment. If you’ve found yourself in a position where you’re looking for extra cash, it might be time to review...