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TOTAL RESULTS: 11

  • Tax Laws Amendment (Tax Incentives for Innovation) Bill 2016

    Track (What's this?)

    Date
    16 Mar 2016 
    Chamber
    House of Representatives 
    Status
    Before House of Representatives 
    Portfolio
    Treasury 
    Summary
    Amends the:
    Income Tax Assessment Act 1997
    ,
    Income Tax Assessment Act 1936
    and
    Taxation Administration Act 1953
    to: create an early stage investor regime that provides tax incentives for qualifying investors through a non-refundable tax offset and capital gains tax exemption on innovation related investments; require early stage innovation companies to report on specific innovation related investments; and provide a mechanism for Innovation Australia to provide guidance about whether particular investment activities are ineligible activities;
    Income Tax Assessment Act 1997
    to: provide non-refundable carry-forward tax offsets for limited partners in early stage venture capital limited partnerships (ESVCLP); provide for a capital gains tax exemption for fixed and unit trust beneficiaries of partners in ESVCLPs; and exclude small entities from eligible venture capital investment auditor requirements;
    Venture Capital Act 2002
    to increase the maximum fund size for ESVCLPs to $200 million;
    Income Tax Assessment Act 1997
    and
    Venture Capital Act 2002
    to: remove the requirement that an ESVCLP divest an investment in an entity once the value of the entity’s assets exceeds $250 million; provide that an entity can invest in another entity and remain an eligible venture capital investment; and enable foreign venture capital funds of funds to hold more than 30 per cent of the committee capital of an ESVCLP and extend their access to capital gains tax and other income tax concessions in relation to eligible venture capital investments; and
    Income Tax Assessment Act 1936
    and
    Taxation Administration Act 1953
    to enable a managed investment trust to disregard its investment in, and through, an ESVCLP or venture capital limited partnership when determining if it is a trading trust. 

    Bill | Explanatory Memorandum

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A bill is a proposal for a law or a change to an existing law. A bill becomes law (an Act) when agreed to in identical form by both houses of Parliament and assented to by the Governor-General.

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