Grants and Incentives
The pro-business Brisbane City Council and Queensland Government are committed to bringing business to the city. In some cases there are grants and incentives offered to business across different levels of government. Brisbane Marketing’s Investment Attraction team can assist with further information and application processes.
Research and development Tax Incentive Program
Companies investing in projects or undertaking activities in Australia may be eligible for the Federal Government’s Research & Development (R&D) Tax Incentive Program. The aim of the incentive is to assist more businesses to undertake R&D and encourage innovation. The program is a self-assessment “entitlement”-based program – if you have incurred expenditure on eligible activities, then you are entitled to the benefits that are accessed through the income tax system. The R&D Tax Incentive Program will provide a 43.5 per cent refundable R&D tax offset for eligible companies with a group turnover of less than $20 million, and a 38.5 per cent non-refundable R&D tax offset for all other eligible companies. While the program is specifically targeted towards small and medium-sized companies, it is also open to subsidiaries or local branches of larger corporate groups.
Exploration Development Incentive (EDI)
The Exploration Development Incentive (EDI) supports junior exploration companies to conduct “greenfield” mineral exploration to assist in raising capital from private sector investors through a refundable tax offset. The incentive is limited to minerals exploration, therefore petroleum and geothermal exploration expenditure will not be eligible for the incentive. Eligible EDI entities will be junior explorers who undertake greenfield exploration activities in Australia. To appropriately target the incentive to small entities, an income threshold test will apply.
To discover more information on the Exploration Development Incentive (EDI), please visit the Department of Industry website.
Entrepreneurs’ Infrastructure Programme
In line with the government’s vision to enable growth and productivity for globally competitive industries, the 2014-15 Federal Budget set a new direction for industry policy with the establishment of the $484.2 million Entrepreneurs’ Infrastructure Programme, which will be delivered through the new Single Business Service initiative.
With a national network of more than 100 experienced private sector advisers, the Entrepreneurs’ Infrastructure Programme offers support to businesses through three streams:
- Business management.
- Research connections.
- Commercialising ideas.
Practical support for businesses includes:
- Advice from people with relevant private sector experience.
- Small co-contributions for re-engineering or growth opportunities for business.
- Connection and collaboration opportunities.
Services are flexible, tailored, and focused on value-added advice and support. Some services can be accessed by all Australian businesses. Eligibility criteria apply for more targeted assistance and grants.
To discover more information on the Entrepreneurs’ Infrastructure Program, please visit the Australian Government Business website.