Government Announces Tax Incentives to Further Encourage Innovation

On 8 December 2015, the Government released a National Innovation & Science Agenda (NISA).  In releasing the NISA, Malcolm Turnbull announced “we need to embrace new ideas in innovation and science, and harness new sources of growth to deliver the next age of economic prosperity in Australia”.

Some of the key announcements in the NISA relate to (i) the creation of a new 20% tax offset for those investors that invest money into start-up companies (capped at a tax offset of $40,000 per investor per year); and (ii) capital gains tax (CGT) exemption on the ultimate sale of shares purchased in start-up companies (subject to the shares being held for at least 3 years but being sold before 10 years).

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