Today I received notification from Treasury that the Tax Incentives for Innovation Bill had been introduced to Federal Parliament. This was following a submission I made on behalf of Techboard to the recent Treasury consultation on the tax incentives pushing for a number of changes to the approach that had been advocated in the Treasury discussion paper including the removal of a suggestion that the tax incentive only be available to sophisticated investors. I have skim read parts of the Bill and Explanatory Memorandum and am pleased to report that retail investors will be able to access the Tax incentive, with some limitations including a $50,ooo limit on the amount that would be eligible.
If you want to read the First Reading version of the Bill and Explanatory Memorandum. Head over to Parliament’s Website Here.
Peter van Bruchem
Chief Startup Evangelist