Share A lot of small business people don’t realise how important small business tax breaks are for them.
They’re just not sure what to do with them.
With so many grants and tax credits to choose from, it’s easy to feel like you’re in the minority when it comes to making sure your business is financially viable.
If you’re not sure which grants you’re eligible for, here’s our guide to small business grant information.
The Tax Relief Act (TRA) has long helped small businesses get access to these tax reliefs and many have taken advantage of them to build their businesses and boost their bottom line.
But the grants themselves aren’t free.
There are a number of fees and restrictions that apply to all small business awards.
To help you make sure your small businesses tax relief is available to you, we’ve put together a list of tax relief grants you should consider.
If this is your first time applying for a grant, it might help to understand the process and the terms and conditions before you apply.
You may also want to check out our guide on how to apply for a small business award, to see how you can apply for more than one award.
This is an ongoing project, so please note that it is not comprehensive.
This article covers the basic grants that small businesses can receive, but you can check out the grants that are most relevant to you and which apply to you.
Small Business Tax Relief Awards Tax relief grants include: Small Business Loans Grant (SAG) Small Business Income Tax Relief (SBIRT) Small business loans and grants are available to people who make less than $250,000 in a calendar year.
They are available for businesses to use to buy new equipment and hire employees, but also cover costs like paying rent, electricity and legal fees.
Businesses are allowed up to $20,000 to use a loan to buy equipment.
Small business loan amounts are capped at $200,000 for the first two years, then the maximum is $250 in 2019.
You can apply online or by mail.
You must have a GST/HST return to apply, and you must have at least $10,000 of taxable income.
The maximum loan amount is $5,000.
The loan is limited to a maximum of five years, and the maximum repayment period is two years.
You’ll have to pay back your loan within six months of the loan being issued.
There’s a grace period of five to seven years.
A full list of loan terms and requirements can be found on the SAG website.
Small businesses can also apply for the SBIRT grants.
These are tax relief that allow businesses to buy up to 100,000 square metres of equipment and equipment and supplies over a period of three years.
The cost of the equipment and the supply will depend on the size of your business, the number of employees you have and how much you need to pay for it.
The money you get back will be based on the value of the property, and it’s capped at the amount of tax you paid in 2017-18.
The total cost is capped at up to 1.5 times the value.
Business loans and awards are available only to business owners with incomes of $75,000 or more.
Business owners who receive this type of award must also have a tax return.
Business tax relief awards are not available to owners of small businesses.
For more information, visit the Small Business Grant website.
A tax relief grant is available for small businesses that meet the criteria of a business and the amount is capped.
For example, if you’re a small owner with annual gross income of $25,000, you’d qualify for the Small-business Tax Relief Grant (SBTG) which is available on a one-time basis for a maximum cost of $1.8 million.
You’re also eligible for the SME Small Business Business Loans (SBLG) grant which is a one time grant for up to a total of $2 million.
The SBLG grants will be available for two years and your total amount can’t exceed $2.5 million.
These grants can be used to buy more equipment and pay for supplies like electricity.
There is a cap of $200 million on the amount you can earn on the grants, and if you earn less than that you can get the grants back at a later date.
There also are the Small Employer Loans (SAHL) and Small Business Employment and Training Loans (SEHL) grants, which are available on an annual basis and are available at a maximum rate of 15% for businesses with annual incomes of less than US$50,000 and 15% of annual income above US$75,001.
These grant awards are limited to one year.
You are eligible for up 2.5% of your income for each grant.
These awards are based on a business size of up to 200,000 sq metres and cost no more than US $250