3 business grants that could boost your funds in the new financial year

With less than 3 days left until the new financial year, it is a good idea to understand what grants are available to help boost your businesses funds.

Below are 3 grants that have been put together to ensure your business gets the most out of the new financial year.

Instant Asset Write Off

The $150,000 Instant Asset Write-off allows eligible businesses to claim an immediate deduction for both new and second-hand assets.

The asset must cost less than the instant asset write-off threshold and be purchased and used in the year that the write-off is claimed.

In order to be eligible for the $150,000 Instant Asset Write off you must:

• Have an aggregated turnover of less than $500 million

Assets must:

• Cost less than the instant asset write-off threshold
• Be purchased and used in the year the write-off is claimed.

Click here to see if your business is eligible and how you can apply.

JobMaker Hiring Credit Scheme

The JobMaker Hiring Credit Scheme has been developed to provide employers with an incentive payment to hire jobseekers aged 16 to 35. To be eligible for up to $200 per week employers must be operating a business or not-for-profit in Australia.

If you or your new employees are eligible, you can register and then claim JobMaker Hiring Credit payments for 12 months for each new job filled.

You may be eligible for payments of:

• Up to $200 a week for each eligible employee aged 15 to 29
• Up to $100 a week for each eligible employee aged 30 to 35

To check the eligibility criteria for both employers and employees or information on how you can apply click here

Fuel Tax Credits

The Government is providing businesses who have purchased fuel for their business with Fuel Tax Credits. This has been designed to provide businesses with a credit for the tax that is included in the price of fuel.

Fuel tax credits includes fuel used in business activities such as:

• Machinery
• Plant
• Equipment
• Heavy vehicles
• Light vehicles traveling off public roads or on private roads

Depending on when you acquire the fuel, what fuel you use, and the activity you use it in will depend on the amount you receive.

Tax Credits are available based on:

• The fuel tax credit rate when you bought the fuel
• The business activities you are using the fuel for

Claiming

You will be able to claim fuel tax credits on your business activity statement.

You can claim fuel tax credits at the time you acquire the fuel, however, you must claim within four years. You are required to lodge the BAS for the tax period in which fuel was acquired and the day after lodgement of your BAS is when the four years will start.

To see if you are eligible for the Fuel Tax Credits and how you can register click here. 

Contact us today on 1300 4 Morris and speak to one of our finance specialists to see how we can assist your business in the new financial year.