Tax Concessions & Grants for New Businesses in Western Australia

Let’s talk about the pathway to maximising your business’s potential through valuable grants and special tax concessions.

These include, but are not limited to:

• Small business tax concessions;
• Research and Development Tax Offset;
• Early Stage Innovation Company concessions;
• Federal Government funded R&D startup grants;
• State Government funded small-to-medium business grants for business basics and high growth potential;
• Local Council funded grants for small business; and
• Industry-focused grants for targeting growth sectors in and outside Australia.

Grants and tax concessions come with a set of specific eligibility criteria.

First and foremost, it’s crucial to ensure your business’s entity structure is optimised so that it will most likely meet eligibility criteria should you ever want or need to access grants and special tax concessions.

Next, your challenge is to become aware of what’s available. Ways to achieve this include:

• Engaging with business groups and communities;
• Subscribing to government small and medium business newsletters;
• Embracing Munro’s Business Academy;
• Consulting with business advisors and accountants;
• Joining industry associations; and
• Leveraging tools like the Federal Government’s Grants and Programs Finder.

Once you’ve pinpointed the grants or tax concessions that align with your aspirations, assessing your eligibility becomes paramount. This process might be straightforward or complex. Applications may require detailed financial documents, from statements and projections to tax returns and project plans. Further, securing some grants may even involve presenting a compelling pitch.

Time is of the essence, as many concessions and grants are time-sensitive. Ensuring timely application and implementation is therefore critical to avoid missing out.

To reiterate an important part, the first priority should be to ensure your entity structure is optimised so that it will most likely meet eligibility criteria should you ever want or need to access grants and special tax concessions. You’d hate to meet all other eligibility criteria but fail to assess the grant or tax concession because of the wrong entity structure.

In addition, maintaining up-to-date tax registrations and tax return lodgements are fundamental to keeping your business ready to seize every advantageous opportunity.