The release of the 2009-10 Federal Budget Tueday night revealed funding for new and existing products and services to assist businesses. Some of the initiatives included in this year’s budget are listed below.
New programs and initiatives
- A Small Business Support Line will be established to help businesses manage better during the global financial downturn.
- A Small Business Online Program will assist small businesses in developing an online presence and taking advantage of e-business opportunities.
- A new R&D Tax Credit will to come into effect from 1 July 2010, to replace the R&D Tax Concessions scheme.
- A Commonwealth Commercialisation Institute will be established to support research commercialisation and early stage company development by small and medium enterprises.
- A number of projects will receive funding under a new Super Science initiative, intended to boost infrastructure and research capacity in space science and astronomy, marine and climate science, and future technology.
- A Clean Energy Initiative will assist in encouraging innovation in clean energy generation and low emissions technologies.
- Funding will be provided to the Tax Office to assist small businesses experiencing financial distress to remain viable and stay engaged in the tax system.
- Funding for the Textiles, Clothing and Footwear industries will be retargeted, with a new package aimed at innovation and renewal.
Existing programs
- There will be an increase in the Small Business and General Business Tax Break for small businesses that acquire eligible assets by the end of 2009.
- Additional funding will be allocated to the Export Market Development Grants scheme for 2008-09.
- A 12 month extension in Exceptional Circumstances assistance has been announced for primary producers and other farm-dependent small businesses in eligible regions.
- The government will continue to provide funding and assistance to businesses and communities affected by the Victorian bushfires and the Queensland floods and storms.
- A government funded Paid Parental Leave scheme will come into effect as of 1 January 2011, providing up to 18 weeks of paid leave at the Federal Minimum Wage.
- Fair Work Australia and the Office of the Fair Work Ombudsman will commence on 1 July 2009 to help implement the Government’s new workplace relations arrangements.
- Funding will be provided to Registered Training Organisations to help deliver off-the-job completion of training where an Australian Apprentice cannot complete training with an employer.
- There will be an extension of employer incentives for the commencement, recommencement and completion of apprenticeships, employing out-of-trade and mid-career apprentices, and employing apprentices in skills shortage occupations.
I’ve started to post more detailed information on a few of these new and expanded measures. I’ll continue to do so as time permits. In the meantime, you can find details on budget announcements related to the Innovation, Industry, Science and Research Portfolio by visiting the Innovation website.
Proposed changes will not become law until the Budget has been passed by the House of Representatives and the Senate, and signed by the Executive Council.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
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Thank you so much for posting this. I am researching this topic for business planning and this is very helpful and informative.