South Australian Treasurer, Tom Koutsantonis announced the 2017-18 State Budget this week.
The NSW 2017-18 State Budget has been handed down by Treasurer Dominic Perrottet.
The Queensland State Budget for 2017-18 was handed down on 13 June 2017 by Treasurer Curtis Pitt.
Tasmania's 2017-18 Budget was handed by Treasurer Peter Gutwein on 25 May 2017. Please find a quick summary of grants below: • $20 million to support business by reducing electricity costs. • $11 million in additional support for Tourism marketing. • $17.1 million in payroll tax relief for businesses which employ apprentices, trainees and young people. This measure will encourage employers to expand their workforce by taking on young Tasmanians. • $4.1 million Jobs Action Package: Employment Partnership with TasCOSS and the TCCI helping increase employment, including the 'Jobs Bus'. • $2 million in grants to small business to support the employment of new apprentices and trainees. The program will provide incentive payments of up to $4,000 per apprentice or trainee upon successful completion of major milestones in the first two years of their training. • $1.1 million Workforce for Now and the Future initiative, including the Driving for Jobs trial to help young people get a driver’s licence by blending driver training with education and vocational training. • $900,000 for a Start-Up Accelerator Program to attract and support cutting edge start-ups. • $600,000 Whitelion Work Ready program for high risk young people aged between 16-24. • $750 million to deliver the National Disability Insurance Scheme. The budget papers can be found here.
Treasurer Scott Morrison handed down his second Federal budget last night. While there is significant discussion around infrastructure spending and changes to welfare payments, the impact on business grants and R&D Tax Incentive has been minimal, and that’s good news. For full details of grant changes, please read our detailed summary. Or, for a simple one page list of new and extended grant programs read our short summary. What hasn’t changed Many of the key government grants and programs for business have remained untouched. The R&D Tax Incentive has been the subject of continued speculation, but in last night’s budget, there were no changes announced. The government is still to respond to the recommendations from the recent review of the R&D Tax Incentive, however, from a budget perspective, no news is good news. Programs such as the Entrepreneurs Program, including Accelerating Commercialisation, and Export Market Development Grant have had no changes. No other key grants have been abolished or cut either. In the main, the $40.9B of Federal Grants (as a share of the $49.1B of total business grants and assistance) has had minimal changes. Manufacturing support gets a bump The government announced last week the budget measure to establish the Advanced Manufacturing Fund. This $101.5M program has several components, most notably the $47.5M Advanced Manufacturing Growth Fund which seeks to fund up to a third of capital upgrades that drive innovation and advanced manufacturing. This applies mainly to Victoria and South Australia, however, manufacturers in other states may benefit from [...]
The 2017-18 Northern Territory Budget was handed down by Treasurer Nicole Manison on 2 May 2017. See our summary of the new and update grant programs below: • An additional $20 million, to a total of $30 million overall, for Immediate Work Grants to provide funding for incorporated not for profit and community organisations to carry out repairs, maintenance and improvements to their facilities. • $5 million in business Security Systems Assistance Grants. • $1 million in additional Business Support Initiative grants each year. • $16.3 million to expand the Home Improvement Scheme. • $11.5 million for grants to sports and recreation organisations to deliver peak body funding, active remote communities, active recreation organisations, grass roots development, and facility and equipment grants. The Budget papers can be found here.
The Victorian 2017-18 State Budget was handed down by the Treasurer Tim Pallas on 2 May 2017. Some key highlights of this year’s budget were a $1.9B commitment to the prevention of domestic violence and $1.4B for regional rail upgrades. See our summary of the new and update grant programs below: • $10.2 million for Jobs Victoria to increase the impact of social enterprises, and to assist retrenched workers across Victoria to find new jobs. • $15 million to expand the Future Industries Manufacturing Program, and the Local Industry Fund for Transition grant program, which supports businesses affected by the exit of the automotive industry, including those in Geelong. • $106.1 million in creating new jobs and attracting new investment across Victoria. Initiatives that will create jobs across Victoria include: - $90 million to attract additional private sector investment in priority sectors, and assist strategically significant manufacturers to manage their exposure to volatility in energy markets. - $5.8 million to support emerging and existing social enterprises that are key to supporting better job outcomes for Victorians from disadvantaged backgrounds. - $3.5 million to help small businesses succeed in the digital economy. • Businesses in regional Victoria will receive a 25% discount on their payroll tax. The payroll tax rate will decrease to 3.65% for businesses with payrolls that consist of at least 85% regional employees. • $20.1 million will go to the Sports Infrastructure Fund, which enables sporting clubs to access grants to upgrade existing or develop new facilities to improve [...]
In this year’s MYEFO, there are very few surprises under the governments Christmas tree. The Federal Governments Mid-Year Economic and Fiscal Outlook (MYEFO) statement was released on the 19th December. Treasurer Scott Morrison and Finance Minister Mathias Cormann updated the economic and fiscal outlook from the previous budget of this year. From a grants and funding perspective, many budget measures were known and expected, however in a few instances there is additional funding, in some, there is less. Some of the notable announcements include: • Industry Skills Fund cessation. New applications received up to 31 December 2016 will be considered and approved grants will be honoured, but the program will cease. • Additional $200 million funding for the Regional Jobs and Investment Package. • Grants to support innovative disability employment projects will total $7.2 million over two years from 2016-17. • Additional $15 million to expand the Incubator Support Initiatives under the Entrepreneurs Programme. • $50 million over two years from 2017-18 to establish a Smart Cities and Suburbs Program which will apply technologies to improve the liveability of cities and their suburbs. Our full overview of the MYEFO is here, and all the relevant treasury documentation can be found at www.budget.gov.au. Stay up to date with all the changes by registering for email alerts on www.grantguru.com.au. It only takes a couple of minutes to ensure that when changes happen that affect you, we’ll notify you so you don’t miss out.
The Government has proposed a reduction in the R&D Tax Incentive program by 1.5%. And if this sounds familiar, yes, it is a new attempt to achieve the rate cut that was attempted numerous times throughout the last three years. As of 16 September 2016, the Bill has passed both Houses and the change will impact both the refundable and non-refundable rates of the R&D Tax Incentive with a reduction of 1.5% effective from 1 July 2016. This means that: - Refundable tax offset (equivalent to a 150% deduction) for eligible entities with an aggregated turnover of less than $20 million per annum, provided they are not controlled by income tax exempt entities, will be reduced from 45% to 43.5%. - Non-refundable tax offset (equivalent to 133% deduction) for all other eligible entities will be reduced from 40% to 38.5%. This will affect all R&D claims for the 2016-17 financial year (specifically, R&D expenditure incurred from 1 July this year) but not the claims currently being processed for 2015-16 financial year. Please feel free to call us on 03 9853 9853 to discuss this if you have any further questions about your R&D Tax Incentive claim.