The NSW Future Industries Investment Program is aimed at increasing productivity in the NSW economy and maximising the benefits of investment. With up to $30 million available grant funding, the program will focus on attracting and growing innovative, high-growth businesses in priority industries and at driving productivity growth in emerging high-value technologies, such as digital technology, medical technology and the clean economy.
Deadlines and Timings
Eligibility application is open
Eligibility applications close on 13 January 2023 at 5:00PM AEST
Applicants notified of eligibility assessment outcome and invited to submit a detailed application on 3 February 2023
Detailed applications to be submitted on 2 March 2023 at 5:00PM AEST
Applicants notified of detailed assessment outcome on 11 May 2023
Overview and Grant Amount
Up to $30 million will be available in grant funding under the program. For projects located in the Western Parkland City, an additional $4.75 million is available in grant funding from the Western Sydney Investment Attraction Fund. This includes the Local Government Areas of Blue Mountains, Camden, Campbelltown, Fairfield, Hawkesbury, Liverpool, Penrith, and Wollondilly. Once the WSIAF has exhausted its funding, remaining applications relating to Western Parkland City will be considered as part of the Future Industries Investment Program pool of applications according to their relative merits.
The NSW Future Industries Investment Program will provide rebates for eligible expenses to businesses investing in NSW-based projects that boost the productivity of the NSW economy. There is no cap on maximum funding available for individual projects. However, all projects will be required to fund a minimum of 50% of their total project costs.
Applicants seeking assistance from the program may be eligible for project expense rebates, paid to the applicant on audited accounts of pre-approved project expenses.
Eligibility and Criteria
To be eligible for the Program, applicants must:
- be one of the following entities:
- a company incorporated in Australia
- a company incorporated in another jurisdiction
- an incorporated association
- a joint (consortia) with a lead organisation
- be an entity that:
- employs at least 20 FTE employees at the time of the application
- has been operating for at least three years
- be an Australian Business Number (ABN) registered entity or commit to register for an ABN
- be registered for the purposes of GST or commit to register
- hold a bank account with an Australian financial institution or commit to open one
Note: An FTE is equal to a ‘standard working week’ of 35 hours for ongoing roles. Full time roles can claim 1 FTE and part time roles can claim a proportion of 1 FTE on a pro rata basis.
At the eligibility application stage, all submitted applications will be assessed on eligibility for the Program. Applicants who meet eligibility requirements will be invited to submit a detailed application.
For projects to be assessed as eligible they must:
- Commit to (a) creating a minimum of 20 ongoing net new FTE jobs in NSW; or (b) investing a minimum of $3 million capital expenditure (excluding funding from this Program) within NSW as part of the overall project.
- Be in one (or more) of the following as listed in the NSW Industry Development Framework: (a) priority industry – either existing or emerging; (b) an industry that facilitates the use of the core enabling technologies; or (c) can demonstrate that it would enable a focus precinct.
- Demonstrate the project will commence within 12 months of all parties signing the funding agreement.
- Demonstrate the project will meet the employment or investment criteria in point 1 within 2 years of all parties signing the funding agreement and without additional NSW Government support beyond the agreed funding.
- Demonstrate the project will have a minimum co-contribution of at least 50% of the total project cost. (Total project costs are all costs associated with the project, within the project period, excluding variable inputs, and wages and salaries. Variable inputs are costs that vary with level of project output e.g., raw materials used to produce finished goods).
- Demonstrate that the project would not proceed as proposed in NSW without government support.
- Demonstrate how the project will lift industry productivity in NSW.
All pre-approved expenses must be demonstrated to be critical to the success of the project. Rebateable items will be negotiated on a case-by-case basis but may include:
- Capital works related to the project
- Machinery and equipment
- Externally provided staff training for staff who will be involved in the project
- Infrastructure connectivity such as internet, roads, utilities
- Information technology and data facilities
- Set up costs for the business or project as approved by DEIT
- Project site rent
Items that may not be considered could include (but not limited to):
- Standard office equipment
- Training that is delivered in-house
- Costs already incurred in relation to the project
- Costs of existing business activities
- Research and development spend
- Staff wages
For more information, interested parties are encouraged to read the program guidelines set by the funding grant. Likewise, since this is a two-stage process where an eligibility application is required, and then a detailed application stage. Submissions are to be lodged online.
We have 14 years of experience preparing EMDG claims and can assist in making sure you receive your maximum rebate.
Working with us means you get the maximum grant with minimum risk and effort. Our expertise includes R&D Tax Incentive registration and tax schedules, Export Grants, Capital Expenditure and Infrastructure Grants.
Get in touch with us and let’s discuss this more in detail.
For information about other Australian Government Grants, visit Treadstone New Grants page and sign up to our newsletter!