The Venture Capital Tax Concessions Review was tabled in the House of Representatives on 27 October 2022.
Background and history
In the 2021–22 Budget, the previous Commonwealth Government announced a joint Treasury and Industry Innovation and Science Australia (IISA) review of Australia’s venture capital tax concession programs to ensure current settings are fit‑for‑purpose and support genuine, early stage Australian startups.
To inform this review, direct stakeholder consultations were conducted and written submissions were invited. Written submissions and the consultation paper which guided the consultation process can be accessed through the IISA consultation website.
Section 118-455 of the Income Tax Assessment Act 1997 requires an impact assessment of the venture capital tax concession programs to be prepared and tabled in each House of the Parliament.