Earlier this year, Parliament introduced the Tax Laws Amendment (Tax Incentives for Innovation) Bill 2016 containing the following measures:
- Schedule 1: A non-refundable tax offset equal to 20% of amounts paid for newly issued equity interests in an Australian Early Stage Innovation Company (‘ESIC’) and a Capital Gains Tax (‘CGT’) exemption for shares in an ESIC.
- Schedule 2: The introduction of changes to the Early Stage Venture Capital Limited Partnerships (‘ESVCLP’) and Venture Capital Limited Partnerships (‘VCLP’) regimes, however this Insight only covers the incentives proposed under Schedule 1.
How Can Morrows Help?
We highly recommend you seek advice from your Morrows Business Tax advisor prior to making any decisions regarding your finances. Should you wish to receive detailed technical information, Morrows have this at hand. To make an appointment please contact us on: +61 3 9690 5700 or email your Business Tax expert:
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