A common question we hear is “What Government grants or assistance are available for my small business?” There are some options, though often not what people hope for!
You can freely access the state and Federal Government grants available on www.business.gov.au/assistance. Filter by NSW, but otherwise look through all the grants to avoid missing some that may apply. ASIC have issued warnings about businesses charging a fee for this data, so please be careful.
Small Business Grant
Often this is the only grant available to small businesses. NSW OSR grant $2000 per full time employee, pro rata for part time or casual employees, after a year of employment (your staffing level must remain higher at the end of the year). OSR are waiving the 60 day registration period, so you can claim if you have hired any employees since July 2015, including yourself if you run a company.
Business Connect Advisors can help review your grant eligibility.
Assets under $20000
Most confusion is about assets under $20000. You receive accelerated/ simplified depreciation but do not get a refund on assets purchased. You claim the full cost of each asset purchased under $20000 in the tax year, rather than depreciating the cost over time. This expires 30 June 2017.
Training and advice
Under Business Connect you receive four hours of one on one business advice at no cost, and attend workshops at a subsidised price. Fair Trading offer regular workshops, some with attached CPD points. Fair Work and ATO offer online training courses in key subjects, along with other Government agencies. Many Government sites have templates including business.gov. au for documents like marketing plans and cashflow reports, and Fair Work provide employment related documents.
For a full list of Government assistance available, please refer to www.business.gov.au/assistance.