Government Incentives Update – June 2023

Below is a summary of the key things that are happening in the Australian government incentives space at the moment.

Research and Development Tax Incentive (Federal)

  • Applications for advance or overseas findings for FY2023 need to be submitted to AusIndustry no later than 30 June 2023.
  • Standard FY2023 R&D applications can be submitted to AusIndustry any time between 1 July 2023 and 30 April 2024.
  • Expenditure incurred during FY2023 to the company’s ‘associate’ (a type of related party) must also have been paid no later than 30 June 2023 to be able to be included within the FY2023 R&D claim.

Export Market Development Grants (Federal)

  • Round 1 and Round 2 grantees will be able to submit their FY2023 Milestone Reports from early July.

Accelerating Commercialisation Grant Program (Federal)

  • The Accelerating Commercialisation grant program (matched funding of up to $1 million) was recently shut down.  A new commercialisation grant program has been announced to replace Accelerating Commercialisation, but specifics about this new program are scant at the moment.  What is known is that it should launch in late 2023 and will focus on projects in the following areas:
    • renewables and low emissions technologies
    • medical science
    • transport
    • value-add in the agriculture, forestry and fisheries sectors
    • value-add in resources
    • defence capability
    • enabling capabilities.

MVP (Minimum Viable Product) Venture grant program (State – NSW)

  • This grant program was recently and abruptly closed down.  Unfortunately, not only can businesses no longer apply for the grants, but even those businesses who had already submitted applications have been informed that they won’t receive any grant funding.

If you would like to know more about these or any other government incentives in Australia, please get in touch to arrange a discussion.

By Dave Corbin, Managing Director of Catalyst Solutions Australia.