Financial information
The financial information in your budget helps to demonstrate that all elements of your project have been considered, thoroughly researched and costed. A good budget also provides confidence for the Trust that your project will be a sound investment for
the Western Australian community.
You should indicate which expenditure items you want the Trust to support and list those items in the additional notes section of the application budget page.
If you are registered for GST, you should not include GST in the budget figures. All amounts should be in Australian dollars.
Your funding request is the difference between your expenditure minus your income. To ensure this amount is calculated accurately, seek quotes for all expenditure items (whether you intend to include these as support material) and include all costs associated
with the project, even if they are supplied in-kind.
Many activities will include in-kind contributions in the form of offering something for free or at a discount. More information on in-kind expenditure and income as well as an example of how to demonstrate your in-kind support follows this section.
For each expenditure or income item you add to the budget, use the notes area alongside the item to explain how that item relates to the delivery of your project and how the cost was calculated.
Expenditure
Expenditure items can vary significantly from one project to another. Any legitimate expense that is eligible can be included in the budget.
Administration
Expenses related to the management and administration of the project.
Marketing and promotion
Costs associated with marketing to your target audience.
Preparation, development and delivery
Costs related to the remount, production and delivery of the project or its deliverables.
Travel and freight
Costs associated with transporting people, equipment or goods.
Eligible income Items
Earned income
May include ticket sales, product sales, and/or merchandise sales.
Corporate sponsorship
List any income received through sponsorship from corporate bodies or businesses. Income received through government sponsorship should be included in the relevant government income category.
Philanthropic donations
May include contributions from fundraising, crowdfunding, donations, gifts and bequests.
Other federal, state and local government funding
All grants and sponsorship being sought from local government, State Government, Australian government and other government sources must be included, whether this support has been confirmed. Do not include Trust grant funds being requested as part of this application.
Other income
If you are making a cash contribution, or someone is providing cash to the project, list this item as a cash contribution or similar. Include any other income source that does not fit within any of the above categories and provide enough detail to identify the income source.
In-kind expenditure and income
Some expenses may be offered to you for free or at a discount. This might be borrowed equipment, the use of a rehearsal space, donated or discounted goods or services, volunteers (including you), negotiated discounted fees and allowances. Anything given to your project at no expense to you is considered in-kind.
All in-kind items must be included as a budget item under the in-kind expenditure category. The corresponding recognition of in-kind income is created automatically in your online application, and you do not need to enter any in-kind income budget items. The total in-kind expenditure must always equal the total in-kind income.
If, for example, you are hiring a venue, which would normally charge $2000, and you have successfully negotiated an $800 (40%) discount, you would include venue hire fee as a budget item under the expenditure category of $1200 and $800 under the in-kind expenditure category.
Additional notes
This section of the budget provides an opportunity for you to detail any additional information you feel may help to clarify items within your budget. For example, for fees and salaries you can indicate in this section how you calculated your amount.
You should use this section to indicate which expenditure items you want the Trust to support.
Taxation
The Australian Taxation Office (ATO) considers any grant payment to be taxable income for the purposes of your annual income tax return. If you receive a grant you are encouraged to discuss your tax implications with your tax agent or the ATO.
Registered for Goods and Services Tax
If you are registered for GST you must show your expenditure items exclusive of the GST component. For example, you have been quoted $550 including GST for lighting hire. In your expenditure budget you would only show lighting hire of $500. If your project is funded, the Trust payment will include a 10% GST component to cover those items on which GST is payable.
Not registered for Goods and Services Tax
If you are not registered for GST you must show your expenditure items inclusive of the GST component. For example, you have been quoted $550 including GST for lighting hire. In your expenditure budget you would show lighting hire of $550. If your project is funded, the Trust payment will include the GST component for those items on which GST is payable.