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