Exploring the Benefits of Business Innovation Stream 888 for Your Company
As technology continues to revolutionize the business scene, companies have to constantly adapt to new ways of doing things to remain competitive. Business Innovation Stream 888 (BIS 888) is an Australian government initiative designed to promote innovation by encouraging new and established businesses to invest in research and development.
The BIS 888 scheme offers various benefits to companies that can help them take their businesses to the next level. Here, we’ll explore some of the benefits of BIS 888 and how they can positively impact your business.
Access to Funding
One of the key benefits of BIS 888 is that it provides access to funding for eligible businesses. This funding can be crucial for businesses that need to invest in research and development. Under the scheme, businesses can receive up to 50% of the approved R&D expenditure as a tax offset.
Improved Ability to Innovate
BIS 888 encourages companies to prioritize innovation and invest in R&D, which can help businesses stay ahead of the competition. By prioritizing innovation, businesses can come up with new offerings, improve existing products and services, and streamline their operations for increased efficiency.
Increased Market Competitiveness
Investing in innovation can help businesses gain a competitive edge in the market. By developing innovative products and services, businesses can differentiate themselves from competitors, attract new customers, and retain existing ones.
Improved Cash Flow
The BIS 888 scheme can help improve cash flow for eligible businesses by providing a tax offset on approved R&D expenditure. This can help businesses free up funds that can be used to invest in other areas of the business.
Eligibility Criteria
To qualify for BIS 888, businesses must meet specific eligibility criteria. This includes being an Australian-based company with an annual turnover of less than $20 million, having incurred R&D expenditure in the last financial year, and being a company that is not controlled by income tax exempt entities or foreign governments.
Case Study: Success Story
One company that has benefited from BIS 888 is Carbon Revolution, an Australian-based manufacturer of high-performance carbon fiber wheels. With the help of the scheme’s funding, Carbon Revolution was able to invest in research and development to develop their innovative product.
The result was the world’s first carbon fiber wheels for passenger vehicles, which are lighter and stronger than traditional aluminum wheels. This innovation has put Carbon Revolution at the forefront of their industry and helped them gain a competitive advantage in the global market.
Conclusion
BIS 888 is a government initiative designed to promote innovation by encouraging businesses to invest in research and development. The scheme provides access to funding, improves a company’s ability to innovate, increases market competitiveness, and improves cash flow for eligible businesses.
Investing in innovation is crucial for companies that want to remain competitive in an ever-changing business landscape. By prioritizing innovation, businesses can differentiate themselves from competitors, attract new customers, and retain existing ones.
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