There is a $60 million increase in funding of the Export Market Development Grant, which will benefit SME businesses advertising and promoting their products and services overseas.
Under the EMDG rules each claimant can receive a maximum of $150,000 each year, but the total paid to all claimants is limited by the amount of funding provided to the program. This increase in funding will support additional claims being paid to eligible businesses.
R&D Tax Incentive
Changes to the R&D legislation were announced in the 2018/19 Budget, which tightened the eligibility rules especially for larger companies and sought to introduce an intensity threshold. The announced changes never progressed into legislation after recommendations were made by the Senate Economics Legislation Committee to defer consideration of the bill until “further examination and analysis of the impact is undertaken”.
It is expected that these measures will not be implemented by the current Government and will be reconsidered by the incoming Government post the upcoming Federal election.