5 Initiatives that SME's can Benefit Significantly from the 2014 Budget
Relevant Budget Programmes can be shown in detail at
- Continuation of EMDG
The Government will provide an extra $50m per annum to the EMDG Scheme.
- Continuation of R&D Tax Incentive
The Government will continue with the R&D Tax Incentive Scheme reducing the entitlement by 1.5% to 43.5% (still significant benefits for Innovative companies)
- Entrepreneurs’ Infrastructure Programme — establishment
The Government will replace $845 million suboptimal programmes (such as Commercialisation Australia and IIF Funds with $484.2 million over five years to establish the Entrepreneurs’ Infrastructure Programme to implement its new approach to industry policy.
The programme will focus on supporting the commercialisation of good ideas, job creation and lifting the capability of small business, the provision of market and industry information, and the facilitation of access to business management advice and skills from experienced private sector providers and researchers.
The programme will be delivered through a single agency model by the Department of Industry to achieve efficiencies and reduce red tape.
- Industry Skills Fund — establishment
$476.0 million over four years to establish the Industry Skills Fund (ISF) from 1 January 2015 to support the training needs of small to medium enterprises which cannot be readily met by the national training system. Industries targeted will include: health and biomedical products; mining, oil and gas equipment technology and services; and advanced manufacturing, including defence and aerospace.
The ISF is expected to deliver 121,500 training places (providing participants with qualifications, skill sets and recognition of both prior learning and current competencies) and 74,300 support services (including mentoring and foundation skills) over four years. Businesses will be required to make co contributions towards the cost of training on a sliding scale depending on the size of the enterprise.
- Community Business Partnership —
re establishmentThe $6.0 million over four years to re establish the Community Business Partnership to advise the Government on philanthropy in Australia. The Community Business Partnership, to be chaired by the Prime Minister, will bring together prominent business and community leaders to provide leadership and high level advice for encouraging growth in volunteering and philanthropy and promote partnerships between business and community organisations.
Further information can be found in the Coalition’s Plan to Encourage Great Philanthropy and Strengthen Australia’s Charities and Community Groups
(referron programme in conjunction with mission Australia)