Using Grants to Go Overseas
Australian brands overseas carry a high reputation and are increasingly in demand. In recent years Aussie products and services are applying for more innovation based grants, all supporting their global success. Australia has a rich culture of enterprise innovation and now small business can add to this by exporting overseas. Grants like the EMDG support in making this dream come true for so many Australians. Making the most of this grant provided by Autrade also requires in some cases undergoing R&D audits.
The EMDG provide Aussie businesses with financial boosts for a consecutive number of years in order to firmly establish Aussie products or services overseas. An endeavour that many businesses currently doing business in Australia may otherwise not be able to achieve without this additional kick.
Each year bring massive changes in the global market and industry sectors. 2019 and 2020 is no different and understanding how to go global may now be a priority. Yet knowing the risks and opportunities of going down this road is highly contextual to your circumstances and as such seeking the right advice is critical. Uncovering the road to exporting overseas and avoiding so many of the pitfalls is now made effortless simple in the modern tech-savvy age through the hiring a virtual CFO, and managing complex issues such as subcontraction.
Not Disclosing Tax Mistakes, and The Risks Inherent.
In the course of running your own business you may have made and provided specific information accurately, even including mistakes and omissions in your financial statements. As a result you may now wish to make a voluntary disclosure before receiving an audit. In cases like this many businesses attempt to disclosure only the smaller or lesser significant issues. Doing so in some cases is slightly different to when there is no inbound investigation, nevertheless transparency is critical. Many businesses are often caught out in this process because of the diligence involved in the ATO’s imposing of tax audit.
Admitting an error voluntarily in the face of an investigation in the attempt to mitigate the potential or severity of tax audit penalties is done at the businesses direction. It is one of the dammed if you do and damned if you don’t cases. Which is why so many business advisors and outsourced CFOs will shy away from even going down this road. Inevitably the process of trying to mitigate the severity of errors made is often done in vain.
The ATO is highly unlikely to miss any major activity that has not be properly declared. They are also highly vigilant and on the look-out once a voluntary disclosure has already been made.