Export Market Development Grant (EMDG) is a grant provided by the Australian government to boost the businesses of the country’s exporters. Exporters of all sizes of business are eligible to apply for this reimbursement grant every year.
With certain exceptions, almost all export businesses in the country can benefit from the EMDG. If you have an export business yourself, this grant can prove highly beneficial for you. However, due to the numerous rules involved, applicants often make some mistakes that tend to hamper their chances of getting the grant or getting an insufficient amount.
These tips will not only help you avoid making some common mistakes while applying but also help you in maximizing the EMDG grant your business receives:
1. Send in your application at the earliest
The grant is provided only to a limited number of people and therefore, it is important that you apply early to have a chance of getting the amount that you wish to get before the limit of the fund is met. EMDG submissions start on the 1st of July and the final date is the 30th of November.You need to be prepared with all the necessary documents before the opening date and apply for the grant within the first few days. If you miss the final date of submission, you will have to wait for the next round because there are no exceptions for late submissions.
You should scan all the necessary documents like your books of accounts by the month of June and get them checked by a professional consultant to ensure that everything is in order. This will give you plenty of time to make any required rectifications and be ready to submit as soon as the applications open.
2. Prepare the documents properly
For your EMDG claim to be acceptable, you need to be the principal owner of the property that is being promoted for export. Many applicants make the mistake of submitting financial accounts that belong to separate entities involved in the business and requesting that funds from the grant be transferred to separate accounts.You should make sure that the funds that you are claiming for the year should be in your account as the principal owner. There are, however, some cases where it is not necessary for the applicant to be the principal owning entity.
Along with that, ensure that the money you are claiming the grant on belongs to the financial year in which you are claiming it. The minimum eligibility is an expenditure of $15000. Many applicants tend to include finances from previous financial years as well.
This leads to disqualification and you might miss out on the grant. In order to maximize the EMDG, you need to ensure that these mistakes are avoided when filing for it.
3. Get Help from a consultant
There are a number of rules and regulations that need to be followed when filing for EMDG. Certain expenses are not eligible to be included and some businesses and products are excluded as well. You need to get everything right if you want to improve your chances of getting a maximum amount of EMDG.Often, doing this by yourself wouldn't be possible and you could end up making mistakes that prohibit you from getting the grant, forgetting the full amount you wish to get. To prevent this damage, it is wise to seek help from professional advisors like Rimon’s EDMG.
They will be able to guide you through the entire process and ensure that all your documents are properly prepared and are free of any errors. This will ensure that you are able to follow all protocols while applying and thus, are able to maximize the EDMG you get.
