From 1st July 2021, the EMDG as we know it will be flipped on its head, and transition from a retrospective reimbursement model to a pre-approval grant application model.
Although this is a huge change to what we’ve all been used to, some things remain the same.
You can still claim the same type of expenses (or there abouts), you still get a 50% reimbursement of those approved expenses, you still get up to 8 years to take part in the EMDG scheme… but the key difference is, you need to apply in advance.
For the 2022 financial year and beyond, to be considered for EMDG funding, applicants will need to make an application at the beginning of the financial year which outlays their “Plan to Market” in the years to come.
To avoid any doubt, the 2021 financial year grants will be done the old way. Opening 1st July, based on prior financial year spending, 50% reimbursement… the same old story.
As we know, overseas loss-making touring makes up a large portion of EMDG funds available to the creative industry, and after a year with no international trips, there may be other strategies we can look into to gain access to these funds. Come and chat to run through the options for your business.
Tier Based System
Under the old regime, applicants would be granted EMDG funding as a direct result of their Export Market income generated over the course of their lifespan. However, Austrade have now introduced a Tier system to determine the level of funding that each applicant will be eligible to receive.
These tiers are based on how far along you are in your journey to export success… AKA world domination!
Preparation is the key
s we no longer have the luxury of just going on tour, seeing what happens and getting our s%!t together a year or two later, applicants now need to be prepared well in advance.
Applicants will be required to submit a Plan to Market, which includes;
- A statement of export market strategy for 2-3 years
- Your businesses strategic roadmap for marketing
- Budgets, deal memos, contracts, and other planning materials in support of your claim
This Plan to Market, is simply the who, what, when, where, how and why of all things export marketing.
As always, get in touch with all your EMDG needs. White Sky is still the #1 EMDG specialists in the Australian music industry.
1 JULY 2021
FY20-21 Application period opens
16 AUGUST 2021
FY21-22 Application period opens
30 NOVEMBER 2021
FY20-21 Application period closes (for non QIP applicants)
FY21-22 Application period closes
28 FEBRUARY 2022
FY20-21 Application period closes (for QIP applicants)
As always, get in touch with all your EMDG needs. White Sky are, and will continue to be the go-to specialty EMDG consultant for the creative industry.