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Tax incentives to stimulate ideas boom

Tax incentives to stimulate ideas boom

On 7 December 2015 the Federal Government released the National Innovation & Science Agenda – its “Innovation Statement”. Taxand Australia summarises the key tax measures included. 

Australia's Prime Minister is calling for an “Ideas Boom”. The Innovation Statement comprises a broad suite of measures to stimulate business growth and create jobs whilst bolstering Australia’s competitiveness at a time when the mining boom is tapering. 

The key tax measures supporting the Innovation Statement are:

  1. Tax incentives for early stage investors
  2. Tax offset for investment in early stage venture capital limited partnerships
  3. A more flexible approach to accessing early stage tax losses
  4. Self-assessment of the rate by which to depreciate intangible assets

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Your Taxand contact for further queries is:
Rhys Jewell
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Taxand's Take

The tax incentives are clearly directed at encouraging an injection of capital into innovative start-up businesses that may not otherwise attract such investment and should therefore be welcomed.

Taxand's Take Author

Rhys Jewell

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