24 Mar Grants we wish we knew about…
You may have heard the expression “too busy working in the business to work on your business”. This has many interpretations such as limiting the progress you can make as a small business owner, working 12 hours a day, trying to be all things to all people, why ask for help when you can do it quicker yourself.
As small business owners, like many of you, we also find that while “working in the business” we are far too busy to spend time researching what assistance is available for us. We thought we would share an insight into one of the schemes we have accessed which has proven to be invaluable for our clients. The scheme we have found invaluable is the Australian Federal Government TRADEX scheme https://www.business.gov.au/assistance/tradex-scheme.
The Tradex Scheme provides an upfront exemption from Customs duty and GST for goods imported to Australia that are then exported within one year or another approved period. This provides a cash-flow benefit to the importer.
In our situation, we have several clients who have elements of their product produced overseas and then the product is either completed in a workshop in Australia or becomes a component of a larger product assembled here in Australia, prior to being exported overseas. The Tradex scheme becomes invaluable as it reduces the number of upfront costs associated with products whose value will not be realised until such time as the have been exported, which in the case of many manufactured goods can be an extensive period.
There’s a fact sheet which will provide further information here. If you are importers of products that have the potential to export I would strongly advise having a look at this scheme and invest the time to investigate how it can help your business.