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.