Australia

Details

  • Service: Tax, R&D Incentives
  • Type: Business and industry issue, Regulatory update
  • Date: 14/10/2013

Tax Insights

KPMG's analysis of tax issues and developments.

Gary Veale

Gary Veale
Director, Tax

+61 3 9288 6125

gveale@kpmg.com.au

Seven habits for funding success 

by Gary Veale, Grant Funding Specialist

There are 7 days of the week, 7 deadly sins, 7 continents, 7 colours of the rainbow and, I would suggest... 7 habits for successful grant funding.

Before you stop reading, ask yourself whether a $1 million grant would help your business. The reality is, with regional development, infrastructure, commercialisation and other programs offering such amounts, grant funding has become an important issue.

 

Indeed, I am continually surprised how little many companies know about how government support could benefit their strategy and growth aspirations – be that through grants, the R&D tax incentives, industry networks, trade missions and other initiatives.

 

Having made my point, I should perhaps outline the 7. Here they are:

 

 

1.

Don’t lose sight of your business objectives (you’d be surprised how many companies do).

2.

Monitor the incentives landscape (e.g. tax incentives plus grants).

3.

Develop a heat map of significant opportunities – marrying the incentive landscape and project portfolio.

4.

Try to understand and articulate the full story of your projects (job creation/protection, innovation, economic benefits, skills development, etc).

5.

Be realistic, understand project and funding risks (government employs some smart people to assess major grant funding – I should know as we have recruited some of them – they want to understand the reality of your business, and are more likely to support you if they do).

6.

Address grant criteria, consider the weighting. Be clear and compelling.

7.

Don’t work in isolation – leverage your colleagues and advisers and contributors to the project.


 

In case you're thinking that some assistance with grant funding might be useful, I've included my contact details. Who knows, an email might be worth a million dollars.

 

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