Government Grants a boost to cashflow for business growth

1. Government Grants a boost to
cashflow for business growth
SMG Technologies (previously known as SportsMed) is an innovative Australian company with origins back
to the 2003 All Blacks’ World Cup season. The company in its current form was established in 2013 and by
CASE STUDY
CUSTOMER:
NEED:
As a start-up medical technology business with origins in NZ and plans to go global, SMG Technologies
needed a business structure to support their business plan. Significant expenses were being incurred
on international travel to US, UK, Europe and S/E Asia and in wages for software developers to design,
test, rework and perfect algorithms to measure performance. Whilst a secure funding source to develop
the business was in place, additional funding was desired to fast track development into multiple markets
simultaneously.
RESULT:
Hanrick Curran identified early in the relationship with SMG Technologies the need
for a business restructure to ensure future eligibility to government grants and tax
incentives. They were then provided access to specialist advisers to analyse expenses
to include in a claim for the Export Market Development Grant (EMDG).
Timing of the EMDG claim needed to be well considered to maximise the grant allocation in light of two
years of expenses being grouped into the first claim. They secured the maximum funding allocation for the
2015 year and have a further 7 claims to access.
They also required hands on assistance to convert their scientific processes into a business document to
evidence the research and development methodology to successfully optimise their R&D Tax Offset claims.
This documentation now forms a core element of their R&D business plan.
Further to this, it was identified that an introduction to a Government Relations associate, within the HC
Network, could assist SMG Technologies to advance the adoption of their technology by way of Public Private
Partnership. This opportunity is still progressing.
We are a fast paced high tech business, a challenging business for most professional advisers. I have however been
delighted by the engagement, interest and ability to ‘get us’ by my advisers at Hanrick Curran. They have guided
me to develop the right structures to not only address future tax minimisation but to maximise the accessibility
to government grants that have provided cashflow during this expansionary phase of the business. The fact that
I can access them and get responses quickly, means I can be agile in my business decision making which is a
necessity in my industry. Hanrick Curran aren’t just our Accountants, I consider them business partners important
to the future success of the business.
Zane Hall, Managing Director, SMG Technologies
TESTIMONIAL:
www.hanrickcurran.com.au
harnessing Big Data and the Internet of Things (IoT) into
meaningful patterns, they help drive behaviour to achieve
the best from individuals, teams and communities. Their
solution for a global market place is a suite of tailored
products and devices focused on optimising health through
performance, reporting and forecasting of data.