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:
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.