On the 7 December the Australian Government released its National Innovation and Science Agend (Innovation Agenda ) with far reaching policy changes in 4 areas – Culture and Capital, Collaboration, Talent and Skills and Government to operate as a role model for innovation strategies. EY has kindly provided a Tax Alert with a focus on the tax components of the package. At a glance Innovation Agenda includes 29 far reaching measures.
Welcome tax changes, some with application beyond startups, include:
• Venture capital investment concessions
• ESS disclosure reforms
• Increasing access to company losses
• Intangible asset depreciation changes
There is no proposal to reduce R&D tax incentive, which is also a welcome development.
High level proposals do not provide enough detail for businesses and other stakeholders to develop implementation plans.
EY can assist organisations to prepare to participate in upcoming consultations to better ensure that the proposals meet business and industry needs.
Please click this link to view the full EY report and to understand all key findings.