Man holding much money

Industry Growth Program

Helping small businesses through new Industry Growth Program grant opportunities

Industry Growth Program grant opportunities are now open for innovative startups and small and medium enterprises (SMEs).

The Industry Growth Program works with innovative startups and SMEs. Industry Growth Program Advisers give advice to help businesses develop and commercialise new products, processes and services.

Industry Growth Program matched funding grants are now open.

The program is targeting businesses in the Australian Government’s priority areas for the National Reconstruction Fund (NRF). These areas focus on building manufacturing capability for the future.

There are 2 matched funding grants:

  1. Early-stage commercialisation grants from $50,000 to $250,000 for projects at the feasibility, proof-of-concept or prototype stage
  2. Commercialisation and growth grants from $100,000 to $5 million for projects in their prototype through to market readiness stage.

To be able to apply for the grants, SMEs first need to get advice and support through the Industry Growth Program Advisory Service. This service advises SMEs on how to develop and bring to market their innovative products, processes and services to scale and to transform their business.

Once a business has received advice from the Industry Growth Program Advisory Service, they can choose to apply for a matched funding grant. An independent assessment committee will assess eligible grant applications based on merit.

CONTACT ALLAN HALL BUSINESS ADVISORS

Australian currency dollars and coins

Industry Growth Fund

Industry Growth Program open for business

Supporting start-ups and innovative small-to-medium businesses to commercialise and grow their ideas.

Have a great idea but not sure how to turn it into a profitable product? The Australian Government’s new Industry Growth Program is here to help. As part of stage one of the program, start-ups and small-to-medium businesses can apply for expert advice to support getting their good ideas to market.

What do you get?

You will be connected to an Industry Growth Program Adviser who will provide tailored advice to support your commercialisation and/or growth project.

Once you have received this advice, you may also be able to apply for:

  • grants of $50,000 to $250,000 to support early-stage commercialisation projects
  • grants of $100,000 to $5 million for commercialisation and growth projects.

Industry Growth Program Grants will open in 2024.

Who is this for?

Innovative small and medium enterprises with commercialisation and/or growth projects in one or more of the National Reconstruction Fund priority areas.

What is the Industry Growth Program?

The Industry Growth program supports start-ups and innovative small-to-medium enterprises (SMEs) to undertake commercialisation or growth projects within the National Reconstruction Fund priority areas.

Stage 1 of the program allows SMEs to receive advice from industry experts on:

  • commercialisation and growth strategies
  • funding avenues
  • market testing
  • business models
  • building networks.

Stage 2 of the program will provide matched grant funding for SMEs who are operating in priority areas identified under National Reconstruction Fund.

How to apply

You can apply for expert advice (stage 1) now.

Applications for grant funding (stage 2) are expected to open in early 2024.

CONTACT ALLAN HALL BUSINESS ADVISORS

aga global conference athens 2023

Alliott Global Alliance Worldwide Conference 2023

The 2023 Worldwide Conference hosted by Alliott Global Alliance (AGA) in Athens surpassed expectations, drawing 155 delegates from 49 countries – an unprecedented turnout for our global network of accountants and lawyers.

AGA APAC Chair, Scott Jago, represented Allan Hall Business Advisors at the conference and highlighted the immense value of making international connections with both longstanding and the newest alliance members.

Participants demonstrated a keen readiness to address future challenges by leveraging their memberships and tapping into alliance expertise, business acumen, innovations and resources. Discussions spanned a diverse range of topics, including succession planning, business development, AI, cybersecurity, leadership, pricing and crisis management.

In the CEO’s keynote address, a forward-looking vision was painted, emphasising growth, adaptability and a commitment to a collaborative and innovative spirit within AGA. While acknowledging the importance of heritage and core values, the CEO stressed the necessity for AGA to evolve continually to remain relevant in the ever-changing global landscape.

The shift towards a more proactive, collaborative culture emerged as a recurring theme, with the CEO highlighting five strategic goals: creating more opportunities, maximising human resources, facilitating knowledge transfer, sharing innovations and building a stronger brand identity.

Service excellence also took centre stage, with attendees encouraged to extend a metaphorical red carpet to fellow members and their clients, fostering a culture of generosity and responsiveness. Addressing challenges, members were urged to find solutions for core services outside their expertise but within the AGA network.

Allan Hall’s International Services

We live in an entrepreneurial and globalised market and many businesses are expanding internationally. If you are an international business looking to start up in Australia, or an Australian business looking to expand overseas, Allan Hall has a highly skilled and experienced team in International Services. We collaborate with you to develop strategic solutions tailored to your business so you can respond to global opportunities and take on challenges in your chosen region.

CONTACT ALLAN HALL INTERNATIONAL SERVICES

Xero-Awards-AU-FY23_blog-finalists

Allan Hall named FY23 Xero Finalists

Xero Award finalists announced

Allan Hall Business Advisors has been shortlisted as category finalists for Innovator Partner of the Year and Community Partner of the Year in this year’s Australian Xero Awards.

Being future focussed, innovative and continuously improving makes us strong

The Innovative Partner of the Year category recognises Xero partner firms that have demonstrated cutting-edge innovation in campaigns, products, services and other specific initiatives. The selection criteria for this award are based on how an accounting business-led change in its industry and community.

Allan Hall Director Scott Jago said, “Our thinking is not confined by what other accounting firms are doing, but is shaped by how we can create opportunity and growth that positively impacts our people, our clients, our business and the Northern Beaches community.”

“Whilst we have come a long way in a short time, adopting the mindset of being an agile business means that we are now much more aware of the future potential technology can provide for us.”

Community engagement is valuable to our forward approach

The Community Partner of the Year category recognises Xero partner firms that have demonstrated a commitment to the community. Criteria for this award are based on making a difference in people’s lives outside of day-to-day business activities.

Allan Hall’s longstanding involvement in the SurfAid Cup Manly was key to being a finalist in this category.

“Giving is important to who we are and how we operate. We nurture our involvement in our community and recognise the importance of a strong local economy that’s positive and cohesive, where people strive to help each other,” Scott added.

“First and foremost a big thank you for all the nominations — it is a big achievement so congratulations to all of our finalists,” Xero said.

“The calibre of applications for FY23 was outstanding, so to be nominated as a finalist is an absolutely incredible achievement.”

The Allan Hall way is one of mutual respect, absolute client focus and a sense of community while having a little fun along the way.

See this year’s finalist announcement

Allan Hall are Client Choice Awards multi-award winners and also Australian Accounting Awards winners for the past two years.

CONTACT ALLAN HALL

Australian Accounting Awards finalists announced for 2022

Allan Hall shortlisted for national accounting awards

Australian Accounting Awards finalists announced for 2022

Allan Hall Business Advisors has been shortlisted as category finalists for Innovator of the Year, Multiservice Firm of the Year, Wellness Program of the Year and Network of the Year (Alliott Global Alliance) in this year’s Australian Accounting Awards.

The Australian Accounting Awards is the premier event that showcases the depth of accounting talent and expertise, recognising success and passion.

The Innovator award recognises the most innovative accounting businesses in Australia, acknowledging those that developed and capitalised on innovation during the 2021 calendar year.

The Multiservice award recognises the Australian accounting firm that most effectively diversified its service offering in 2021 by recognising firms offering services complementary to accounting, such as risk advice, mortgage and finance broking, financial planning, SMSF advice and legal services.

The Wellness award recognises an Australian accounting firm that has actively advocated health and wellness initiatives, events and/or activities among their peers and the community at large.

Finally, the Network award recognises the accounting network that gives opportunities to its members and is focused on enabling quality client services. Judges look at the resources, services and support systems the accounting network provides its associated firms.

The finalist list announced on 26 April features over 290 high-achieving professionals across 34 submission-based categories.

Allan Hall Director Scott Jago said, “Allan Hall is a Top 50 firm demonstrating how a suburban practice can deliver everything SMBs need.”

“We strengthen our business by being future-focussed, innovative and continuously improving. As we move forward, we do not rest on our laurels and are continually mindful of what clients and staff need from us.”

“Thanks to our quality team and technology advancements, we can assist anyone from anywhere and offer high-value services. We couldn’t have achieved any of this without the dedication of the Allan Hall team, and the trust our clients put in us to help them.”

AccountantsDaily Editor Philip King said, “The Accountants Daily Australian Accounting Awards night is renowned as the premier event each year when the profession recognises and celebrates those right at the top of their game.”

“Reaching the finalists stage is regarded as an incredible achievement across the Australian accounting industry, demonstrating the depth of dedication and commitment each firm brings to advancing the industry.”

“To be shortlisted from among the hundreds of high-quality entries is a mark of high achievement, one that echoes throughout the profession.”

Winners will be announced at a gala ceremony in Sydney on 16 June 2022.

Allan Hall were named multi-award winners in 2022’s Client Choice Awards and the Australian Accounting Awards Firm of the Year winner in 2021.

CONTACT ALLAN HALL

Parliament House

Federal Budget 2022-2023

Tax and Superannuation Overview

The Federal Treasurer, Mr Josh Frydenberg, handed down the 2022–23 Federal Budget at 7:30pm (AEDT) on 29 March 2022.

In an economy emerging from the pandemic, the Treasurer has confirmed an unemployment rate of 4% and an expected budget deficit of $78 billion for 2022–23.

As international uncertainties add pressure to the cost of living, key measures provide cost of living relief in the form of an increased Low and Middle Income Tax Offset, a one-off $250 payment for welfare recipients and pensioners and a 6-month fuel excise relief.

Other measures seek to promote innovation, with expanded “patent box” tax concessions proposed, and provide tax incentives for small business to invest in the skills of their employees. A lower GDP uplift rate for PAYG and GST instalments has also been proposed to support cash flows of small and medium businesses.

To read our comprehensive Budget report outlining the changes to taxation and accounting, please click below:

The highlights are set out below:

Business

  • Additional state and territory COVID-19 business support grant programs will be eligible for tax treatment as non-assessable non-exempt income until 30 June 2022.
  • Small and medium businesses will be able to deduct an additional 20% of expenditure incurred on external training courses provided to their employees.
  • Small and medium businesses will be able to deduct an additional 20% of eligible expenditure supporting digital adoption.
  • The Boosting Apprenticeship Commencements wage subsidy will be extended by 3 months.
  • Concessional tax treatment will apply from 1 July 2022 for primary producers selling Australian Carbon Credit Units and biodiversity certificates.
  • Access to employee share schemes in unlisted companies will be expanded.
  • The PAYG instalment system is set for a structural overhaul with a set GDP uplift of 2% to apply for the 2022–23 income year.
  • Additional funding will be provided to further reform insolvency arrangements, including the insolvent trading “safe harbour”.
  • Business registry fees will be streamlined over 3 years from 2023–24.
  • Wholly owned Australian incorporated subsidiaries of the Future Fund Board of Guardians will be exempt from corporate income tax.

Increased deduction for small business external training expenditure

Small and medium businesses will be able to deduct an additional 20% of expenditure incurred on external training courses provided to their employees.

The additional deduction will apply for businesses with aggregated turnover of less than $50 million. The external training course must be delivered by an Australian entity and provided to employees in Australia or online. In-house or on-the-job training and expenditure for persons other than employees will be excluded.

The measure will apply for eligible expenditure incurred from 7:30pm (AEDT) on 29 March 2022 (Budget night) until 30 June 2024. Where eligible expenditure is incurred before 1 July 2022, the additional deduction will be claimed in the tax return for the following income year.

Increased deductions for digital adoption by small businesses

Small and medium businesses will be able to deduct an additional 20% of eligible expenditure supporting digital adoption.

The additional deduction will apply for businesses with aggregated turnover of less than $50 million. Eligible expenditure will include the cost of depreciating assets and business expenses supporting digital adoption, such as portable payment devices, cyber security systems or subscriptions to cloud-based services. An annual cap of $100,000 will apply to expenditure eligible for the additional deduction.

The measure will apply for eligible expenditure incurred from 7:30pm (AEDT) on 29 March 2022 (Budget night) until 30 June 2023. Where eligible expenditure is incurred before 1 July 2022, the additional deduction will be claimed in the tax return for the following income year.

Apprenticeship wage subsidy extended

The Boosting Apprenticeship Commencements wage subsidy will be extended to support businesses and Group Training Organisations that take on new apprentices and trainees. The subsidy will now be available to 30 June 2022. This measure will provide for an additional 35,000 apprentices and trainees. Eligible businesses will be reimbursed up to 50% of an apprentice or trainee’s wages of up to $7,000 per quarter for 12 months.

Individuals

  • The low and middle income tax offset will be increased by $420 in the 2021–22 income year to ease the current cost of living pressures.
  • A one-off payment of $250 will be made to individuals who are currently in receipt of Australian government social security payments, including pensions, to ease cost of living pressures.
  • Additional funding will be provided over 5 years to support older Australians in the aged care sector with managing the impacts of the pandemic.
  • Costs of taking a COVID-19 test to attend a place of work will be tax deductible for individuals and exempt from fringe benefits tax from 1 July 2021.
  • A single Paid Parental Leave scheme of up to 20 weeks paid leave will replace the existing system of 2 separate payments.
  • CPI indexed Medicare levy low-income threshold amounts for singles, families, and seniors and pensioners for the 2021–22 year announced.
  • The number of guarantees under the Home Guarantee Scheme will be increased to 50,000 per year to assist homebuyers with lower deposits.

Superannuation

The 50% reduction of the superannuation minimum drawdown requirements for account-based pensions will be extended for an additional year.

Need help?

If you would like assistance to interpret these changes and how they may affect your individual circumstances or your business, please contact your Allan Hall Advisor on 02 9981 2300.

The full Budget papers are available at www.budget.gov.au and the Treasury ministers’ media releases are available at ministers.treasury.gov.au.

CONTACT ALLAN HALL

cyber security

Cyber Security Skills Partnership Innovation Fund

Cyber Security Skills Partnership Innovation Fund – Round 2 now open

Funding to deliver innovative projects to improve the quality or availability of cyber security professionals in Australia.

The Cyber Security Skills Partnership Innovation Fund provides industry and education providers with funding to deliver innovative projects that meet local requirements to quickly improve the quality or availability of cyber security professionals in Australia.

Round 2 closes 6 December 2021.

This fund aims to support projects which can help to grow a skilled workforce. It is part of the Cyber Security National Workforce Growth Program which is part of Australia’s Cyber Security Strategy 2020.

We expect the types of projects that will be competitive for this funding will include collaborations between organisations such as industry associations and other bodies including:

  • higher education and vocational education providers
  • secondary schools
  • local and state governments
  • businesses.

What do you get?

Grants from $250,000 up to $3 million to fund 50% of eligible project expenditure.

Who is this for?

Organisations partnering together to find innovative new ways to improve the quality or availability of cyber security professionals in Australia.

CONTACT US

Please be aware that there is a high level of scamming activity around COVID-19 rules and regulations and, in particular, grants and relief. These scams are increasingly sophisticated and many involve impersonation such that they may appear to come from legitimate advisors (such as Allan Hall).

At Allan Hall, we will never request money upfront, deposits, transfers to personal accounts, payments via gift cards or other unexpected or unusual payment methods. If in any doubt, contact us via phone before taking actions that appear to be at the request of Allan Hall.

Parliament House

2021-2022 Federal Budget

Taxation and Accounting Overview

The Budget lists increased support for unemployed Australians as the single largest item of new spending, with $697.4 million in new spending in 2020-1 and $9.46 billion over five years, including the four years of the Forward Estimates.

However the Budget splits Aged Care spending into two separate items – residential care and home care. Together these account for $18.25 billion in new spending over five years. The Budget also includes $13.2 billion over four years for the NDIS.

The Budget deficit will reach $161 billion in 2020-21, before falling to $57 billion in 2024-25. Net debt will increase to $617.5 billion or 30.0 per cent of GDP this year and peak at $980.6 billion or 40.9 per cent of GDP in June 2025.

The Budget includes a further $1.9 billion for the roll out of vaccines. It provides another $1.5 billion for COVID-related health services, including for testing and tracing, respiratory clinics and telehealth.

To read our comprehensive Budget report outlining the changes to taxation and accounting, please click here. For all other Budget documents, including an overview from the Australian Government, please visit the Budget website: https://budget.gov.au/.

We have provided an overview for tax, superannuation and other key areas as follows.

Personal tax

The Budget provides $7.8 billion in tax cuts by retaining the low and middle income tax offset (LMITO) in 2021-22. LMITO, which was introduced as a coronavirus measure was due to expire in June 2021.

An additional $25.1 billion in tax cuts announced in previous Budgets are expected to flow to households in 2021-22.

Around 10.2 million individuals will benefit from retaining the offset in 2021-22, which is worth up to $1,080 for individuals or $2,160 for dual income couples.

Business tax concessions

The Budget extends by one year two business tax concessions announced in the 2020-21 Budget — temporary full expensing and temporary loss carry-back. Together, temporary full expensing and temporary loss carry-back provide an incentive for businesses to bring forward investment to access the tax benefits before they expire.

Combined, the extension of the temporary full expensing and temporary loss carry-back measures is estimated to deliver a further $20.7 billion in tax relief to businesses over the forward estimates.

Small business tax disputes

The Budget confirmed a pre-Budget announcement allowing small businesses to litigate tax disputes with the Australian Tax Office before Administrative Appeals Tribunal, rather than the slower and more expensive litigation before the Federal Court, as at present.

Skills and training

The Budget provides $2.7 billion for more than 170,000 new apprenticeships and traineeships including 2,700 places in Indigenous girls academies to help them finish school and enter the workforce, and more STEM scholarships for women, in partnership with industry.

Manufacturing innovation

The Government has established a new “patent box” starting on 1 July 2022. Under the patent box, income earned from new patents that have been developed in Australia will be taxed at a concessional 17 per cent rate. The patent box will apply to the medical and biotech sectors and the Government said will consult on expanding it to the clean energy sector.

Superannuation

  • The Budget Increases the amount that can be released under the First Home Super Saver Scheme from $30,000 to $50,000.
  • It also removes the $450 per month minimum income threshold for the superannuation guarantee. The Treasurer said, “This will improve economic security in retirement for around 200,000 women.”
  • The Government has removed the work test on voluntary superannuation contributions to superannuation by people aged 67 to 74.
  • It will also allow those aged over 60 to contribute up to $300,000 into their superannuation if they downsize their home, freeing up more housing stock for younger families.
  • The Pension Loan Scheme has been expanded, providing immediate access to lump sums of around $12,000 for singles, and $18,000 for couples.

Higher education

The Budget provides an extra 5,000 places in higher education short courses.

Childcare

The Budget confirms the pre-Budget announcement of $1.7 billion investment in childcare.

Digital infrastructure

The Budget contains $1.2 billion for a Digital Economy Strategy. It will

  • Establish a new national network of Artificial Intelligence Centres to drive business adoption of these new technologies.
  • Expand the Cyber Security Innovation Fund to train the next generation of cybersecurity experts.
  • A digital skills cadetship trial which combines workplace and vocational training.

Need help?

If you would like assistance to interpret these changes and how they may affect your individual circumstances or your business, please contact your Allan Hall Advisor on 02 9981 2300.

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