Long List of Government support available for Australian startups
On Wednesday 8th April Innovation Bay hosted another of our weekly virtual events this time with panel discussion focused on how our Government(s) are supporting Australian startups during COVID-19. Watch the session here:
There are three branches of government in Australia: federal, state and local, and each is responding with different economic packages to help businesses survive. This can be confusing to navigate so we’ve done our best to pull together a list of all the current support available for startups.
Have we missed something? Please email us.
The Australian Government has announced a number of initiatives to support Australian businesses to manage cash flow challenges and retain employees. Assistance includes cash flow support to businesses and temporary measures to provide relief for financially distressed businesses.
JobKeeper payment: access a subsidy from the government of $1,500 per fortnight per employee for up to 6 months.
Cash flow support for small and medium businesses: providing up to $100,000 to eligible small and medium sized businesses and not-for-profits (including charities) that employ people, with a minimum payment of $20,000.
Temporary relief for financially distressed businesses: Temporary increase of the threshold at which creditors can issue a statutory demand on a company and the time companies have to respond to statutory demands they receive.
Increasing the instant asset write-off: Increasing the instant asset write-off (IAWO) threshold from $30,000 to $150,000 and expanding access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million).
Backing business investment: A time limited 15-month investment incentive to support business investment and economic growth over the short-term, by accelerating depreciation deductions.
Supporting apprentices and trainees: Apply for a wage subsidy of 50 per cent of the apprentice’s, or trainee’s wage paid during the 9 months from 1 January 2020 to 30 September 2020.
Ongoing Startup Support Program and Grants
R&D Tax Incentives: Offset your R&D costs to help innovate and grow your business.
Accelerating Commercialisation: Provides small and medium businesses, entrepreneurs and researchers with access to expert advice and funding to help get a novel product, process or service to market.
Boosting Female Founders: Funding for female founded startups to launch and scale their businesses into domestic and global markets.
Incubator Support: New & Existing Incubators: Funding for incubators to assist start-ups to succeed in international markets.
Business Research and Innovation Initiative: Help government solve its biggest challenges.
New South Wales
Direct Startup Grant
NSW Physical Sciences Fund: Applications open for deeper tech
General SME support
Small Business Support Grants: Cash Payments to certain SMEs in certain highly impacted industries.
Service NSW Business Concierge hotline: 24/7 Assistance ph: 13 77 88
Business Connect: Free Business Advisory Services ph: 1300 134 359
Business Development Fund: Helps to turn ideas into reality with co-investment in Queensland businesses at the forefront of commercialising ground-breaking research or innovations.
Deadly Deals: Supports targeted Indigenous businesses and innovators to undertake the next step in the development of a product, process or service to market.
Female Founders Program: Helping to maximise the number of inspirational women involved in Queensland’s innovation ecosystem.
IndustryTech Fund: Provides financial incentives to larger scale co-funded projects that accelerate the development and deployment of significant and highly collaborative industry based platform technology projects.
Jobs Rescue Package: $650 million to provide immediate financial support and relief to those most affected.
Payroll Tax Relief: Six month payroll tax waiver for businesses with Australian grouped wages up to $4 million.
Economic and Business Growth Fund: to promote economic growth in South Australia by encouraging growth of existing industries and new developing industries.
Research Commercialisation and Startup Fund (RCSF): supports researchers, entrepreneurs and businesses to accelerate their progress with funding from the South Australian Government.
South Australian Venture Capital Fund (SAVCF): SA governments venture fund which is managed by Artesian Venture Partners investing in South Australia’s most innovative companies.
Business Support Fund: $1.7 billion economic survival package for Victorian small businesses impacted by the coronavirus.
LaunchVic open grants: investing in organisations (service providers) that will deliver quality programs to support Victorian startups and investors.
COVID-19 relief: Payroll Tax Employer Guide: Payroll tax measures have been introduced to support businesses impacted by the coronavirus.
Application to defer payroll tax — COVID-19: Apply to defer payment of payroll tax if your business has been impacted by the coronavirus.
More information can be found at the WA Government COVID-19 website.