It’s been several months since the announcement of the 2022-23 Federal Budget. The government provides numerous programs that will benefit businesses, especially small businesses. The focus is on economic growth whilst increasing employment rates as Australia moves forward from the pandemic.
Part of being a business owner is the responsibility to do your taxes. Like clockwork, small and medium enterprises should work on their tax return every end of the financial year. But you may be missing out if you do not know what you can claim.
The Australian government supports businesses of all sizes through its many assistance programs. Among them is the Research and Development (R&D) tax incentive, implemented since the 1980s. R&D is crucial in the country’s innovation. This tax incentive is one of the major drivers, encouraging firms to undertake research and development projects for which they may…
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Starting 1 November 2021, all directors are required to have a Director Identification Number (DIN). Directors of many Australian businesses have 12 months to apply for this unique identifier. The requirement to have DINs is a part of initiatives as the ASIC, the ABR, and the ATO to continue their ongoing merging process.
The Export Market Development Grants (EMDG) scheme is an incentive program of the Australian government created to provide funding to businesses exporting goods and services overseas. The Federal Government announced on 10 September last year that the scheme was set to undergo certain amendments to alter how this incentive program was administered.