The 2019-20 Budget has seen a boost of $60m for the Export Market Development Grant Scheme (EMDG). The EMDG Scheme is a financial assistance program for small and medium-sized businesses with a turnover of less than $50m that are exporters or aspiring exporters. It offers to reimburse up to 50% of eligible export marketing and promotion expenses above $5,000.
Treasurer Josh Frydenberg has handed down the 2019-20 Federal Budget. A stronger economy and secure future were his promise, as he announced a $7.1 billion surplus, tax cuts and extra funding for infrastructure and services to regional Australia. Read our summary of the 2019/20 Budget.
The Australian Government has announced that it will be doubling the ASIC financial reporting thresholds. It is estimated that this change will save small and medium-sized businesses $300 million over the next four years.
The Australian Federal Government has introduced proposed changes to the Research and Development Tax Incentive (“RDTI”) Scheme which will (if turned into legislation) impact RDTI claims from the 2018/19 financial year onwards.