Australia offers tax incentives

The Turnbull government in Australia introduces a bill to parliament to provide support in the form of tax incentives to entrepreneurs, startups and their investors.

The government of Australia, run by Prime Minister Turnbull, has introduced a bill to parliament to offer tax incentives to entrepreneurs and startups, according to Business Insider Australia.

The proposed bill will introduce tax incentives for early-stage investors, such as 20% non-refundable carry forward tax offset on investments in qualifying companies, capped at $200,000 per investor per year and a 10-year exemption on capital gains tax provided investments are held for 12 months or more.

Venture capital limited partners also get incentives through the bill including investors receiving a 10% non-refundable carry forward tax offset on capital invested through an early stage venture capital limited partnerships and an increase to the maximum fund size to A$200m ($149m).

The bill was introduced on the last day before the Australian government went on its seven-week break.

Australia, and the Turnbull government in particular, has been looking at ways to support entrepreneurs and startups for a while. The prime minister previously appointed Bill Ferris, co-chairman and co-founder of Champ Private Equity, as innovation czar in November 2015.

Ferris's role was to advise the government on how it can support entrepreneurs and startups.

See more from this Government Report: Australia

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