Government assistance may come from tax incentives or grants. AusIndustry delivers a range
of innovation grants, small business services, tax and duty concessions, industry support, and
venture capital products. Some assistance programs you may qualify for include:
- The COMET (Commercialising Emerging Technologies) scheme provides funds for
early growth stage businesses for commercialising emerging technologies. COMET is
a merit based Commonwealth Government program focussing on innovation and its
commercialisation. It is for early growth or spin-off enterprises and individuals that could
use help to commercialise an innovative product, process or service. For those eligible,
COMET can support them with raising capital from business angels or venture capital funds;
borrowing money, licensing, joint ventures or strategic alliances.
- The Innovation Investment Fund is a venture capital program that invests in nine private
sector venture capital funds to assist small companies in the early stages of development to
commercialise the outcomes of Australia’s research and development capability.
- The Research & Development Tax Concession is a broad-based, market driven tax
concession which allows companies to deduct up to 125% of qualifying expenditure
incurred on R&D activities when lodging their corporate tax return.
For more information on the programs described above and many more, visit www.ausindustry.gov.au.
Other forms of government assistance available:
- If you intend to develop overseas markets, there is the Export Market Development
Grant (EMDG) administered by Austrade. EMDG encourages small and medium sized
Australian businesses to develop export markets. Applicants may be reimbursed up to
50% of expenses incurred on eligible export promotional activities, less the first $15,000.
Visit www.austrade.gov.au for more information.
- Contact your State Government for an extensive range of assistance provided to small,
innovative businesses.
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