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Government Grants – Your FAQ’s Answered

Categories: Finance
29 July 2020

At Kensington’s we understand that applying for government funding can be difficult to navigate. We have put together a list of our most frequently asked questions to explain the suitability and accessibility of current funding.

 

Are there any Incentives or Grants Available to Assist Start-Up Businesses?

No, there are no government grants offered specifically for individuals starting up a business. However, this support is available in the form of free and low-cost business advisory services, information, and federally funded programs.

 

Is there any Funding or Grants Offered for Start-Up Businesses to Make Capital Acquisitions?

As a start-up, we recommend that you obtain funding from other sources, rather than relying on government funding or grants.  There are other options available. These include the instant asset write off or the COVID-19 accelerated depreciation. Both of these grants could be beneficial to assist you in making capital purchases.

 

I Was Forced to Shut My Doors Due to COVID-19, Are There Any Grants Available to Assist My Business?

There are several grants available for particular industries. However unfortunately there are no COVID-19 specific grants that relate to all businesses.

 

Are There Any Grants Available for Start-Ups Who Have Started as A Result Of COVD-19?

Unfortunately, there are no particular grants offered for businesses who opened during, or as a result of, COVID-19.

 

If There Are Any Government Grants, Which Businesses Would Be Eligible?

Government grants are centred around specific areas. These include business expansion, research and development, innovation, and can be accepted on a matched funding basis. Each grant has a suitability criteria that you must meet before applying.

 

Where Can I Find Details of Government Grants?

You can search through a full database of federal, state, and local government grants via the Business.gov website For federal government grants only, visit the Grant Connect website. 

 

Are There Any Grants Available to Assist with Hiring Staff?

At times, there are financial incentives offered by the government for businesses who hire apprentices or older Australians. However, overall, there is no government grant offered for employing new staff.

 

Are there any Grants Available to Assist Start-Up Businesses with their Marketing?

No, the government is not offering any funding to assist start-up businesses with their marketing. However, you do have access to low-cost digital marketing training. The federal government offers an Australian Small Business Advisory Services Digital Solutions program to assist start-ups.

 

More Information

At Kensington’s, we understand the complexities of tax legislation, small to medium business accounting, taxation, and auditing. We are able to guide you through the financial and legal intricacies associated with these areas. To find out more about the government grants available, or to talk to one of our experienced accountants, contact us today. 

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