The Australian government offers a large number of tax incentives for entrepreneurs who are looking to start-up their own business or expand their existing ones. As the Australian economy thrives on small businesses, there are plenty of tax breaks, bonuses and tax reducing programmes available for those who want to succeed in the business world.
In order to be considered for tax incentives in Australia, the first condition you need to meet is to have a business that is located on Australian territory. In other words, if your business is registered for tax purposes in Australia, it may qualify for tax rebates and incentives.
One of the multiple ways the government supports private business initiative is through green loans. The main reason for giving out green loans to businesses is to encourage the wide-scale improvement of water efficiency and energy in buildings. Obtaining green loans is a good way to complement other types of funding offered by the federal government.
Another programme you may consider, mainly if you’re involved in investment projects, is the Enhanced Project By-law Scheme, offered by the Department of Innovation, Industry, Science and Research of the Australian Government. This scheme offers tariff duty concessions for businesses that are looking to invest in industries including agriculture, manufacturing, food packaging, food processing, resource processing and mining. When applying to this scheme, you will get a 5% tariff relief of imported goods that are used for developing your business.
There are many other types of tax incentives and small business grants available for businesses in Australia. If you’re looking for help when it comes to expanding your business or make the most out of your current one, you should not overlook these tax incentives. For those who are not sure where to start looking, help from a financial specialist or accountant may be a good choice.