Export Market Development Grant
What is it?
The Export Market Development Grant is a government grant that assists small and medium businesses to build their brands overseas by subsidising up to half their travel and marketing costs for overseas trips. Small businesses including creatives and musicians are encouraged to apply when they’re marketing their products/services overseas.
EMDG applications are made per financial year and this can include multiple overseas trips per year, and your first application can span two years. EMDG recipients must have spent at least $15,000 in overseas travel and marketing expenses in each application year. Just to make things complicated the first $5,000 of these expenses are not included in the end calculations, so if you’ve spent $25,000 in eligible expenses you apply to get 50% of $20,000 back.
How does it work?
EMDG can be a tongue-twisting mind bender for a lot of creatives and small business owners who already have enough to think about. Added to that it looks like it doesn’t apply to you because it’s in a language you don’t understand, right? Well, If you go overseas to sell your product then it does apply to you, and in short the government will pay you back approximately half of your expenses if you’ve made a loss. Any business is eligible for the Export Marketing Development Grant if you are building a market, or audience, overseas - except NZ and the Democratic People’s Republic of North Korea ̄\_(ツ)_/ ̄.
How much work is involved?
That depends on how prepared you are in the lead up to the application. If you’ve planned well then by the time you apply most of the hard work is already done. However there’s a fair bit of work in it if you haven’t. It’s not hard work but it can be time consuming.
What do you have to do?
Make a budget and keep receipts/invoices/travel itineraries for all marketing and travel expenses from your trip - If you don’t have a receipt, it didn’t happen. Keep a travel diary, or list of activities and expenditure by day - hang onto any evidence that the marketing exercises actually happened (conferences, meetings, gigs you played if you are a band). As long as we have access to your accounting software, your budget and travel diary, and the relevant receipts/invoices, we can do the rest. Don’t know what a budget or travel diary looks like? We can help you with that too.
And in dot point form:
- Make a budget
- Keep a travel diary
- Keep receipts/invoices for marketing and travel expenses
- Keep travel itineraries and boarding passes (must match with tour diary)
- Keep evidence of meetings/shows/business activities
If you have a business trip or music tour coming up and want to be prepared for EMDG but don’t know how, come and talk to us about how to maximise your EMDG return and even save money in bookkeeping fees in the process.
Quotes from past EMDG recipients of ours:
“Sunny, you’re incredible!”
“Line made all my Christmases come at once!”
“Have my babies, Gus”