The Australian government has issued its much anticipated Innovation Statement, outlining measures designed to encourage Australia’s start-up economy, including new incentives to investors to invest in early stage Australian start-up businesses.
The Innovation Statement, announced by Prime Minister Malcolm Turnbull today, includes new tax arrangements under which investors who help fund an Australian start-up venture from the early stage will receive upfront tax offsets as well as capital gains tax exemptions. It is anticipated that these measures will unlock capital that has up until now remained out of reach to Australian start-up businesses.
Encouragement for investors to help fund the wealth of talented Australian start-up ventures is to be welcomed and it is hoped that the measures will translate into the increased investment into and success of young Australian businesses.
Other measures announced in the Innovation Statement include renewed funding to CSIRO (Australia's premier scientific and industrial research organisation), incentives to encourage collaboration between the research and private sectors and plans in the area of education in science and engineering related subjects.
More information is available at: www.innovation.gov.au. We will provide you with further commentary and analysis in due course.