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Australia To Introduce Tax Breaks For Start-Ups

The Australian Government has introduced legislation to provide concessional tax treatment to investors in start-up companies and improve the tax treatment of Early Stage Venture Capital Limited Partnerships (ESVCLPs).

The Tax Laws Amendment (Tax Incentives for Innovation) Bill 2016 was read first time by Parliament on March 16. According to Treasurer Scott Morrison, the measures it contains will "help drive investment, economic growth, and jobs in our transitioning economy by encouraging innovation, risk taking, and an entrepreneurial culture in Australia."

The Bill will provide early stage investors with a 20 percent non-refundable carry forward tax offset on investments in qualifying companies. The relief will be capped at AUD200,000 (USD149,318) per investor per year. It will also introduce a ten-year exemption from capital gains tax for investors, provided the investments are held for 12 months or more.

To boost investment in venture capital, the Government will establish a ten percent non-refundable carry forward tax offset on capital invested through an ESVCLP. The maximum fund size for new and existing ESVCLPs will be increased to AUD200m.

The reforms will apply from July 1, 2016.

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