TWO NEW initiatives designed to make investment in Australian start-ups more attractive will be in place for the 2016-17 financial year after passing the Senate.

Minister for Industry, Innovation and Science Christopher Pyne said the measures were part of the government’s National Innovation and Science Agenda, which would drive smart ideas that create business growth, local jobs and global success.

“These tax measures are designed to broaden and diversify the economy through economic policies that build growth and productivity,” Mr Pyne said.

“The Tax Incentive for Early Stage Investors and New Arrangements for Venture Capital Limited Partnerships will promote investment in innovative high-growth potential start-up companies and improve businesses’ access to venture capital.

“Over 4,500 startups are missing out on equity finance each year. These measures will help startups get access to crucial funding to grow their startup.

“Investors, venture capital funds and innovative companies in all industries will benefit from these measures,” he said. 

The Tax Incentive for Early Stage Investors gives tax concessions to eligible early stage investors who invest in qualifying companies. The concessions include a capped 20 percent non-refundable tax offset and 10 year capital gains tax exemption for investments.

The New Arrangements for Venture Capital Limited Partnerships provide a range of changes that will improve access to capital and make investing in venture capital more user-friendly and internationally competitive.

www.innovation.gov.au.

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THE House of Representatives Environment Committee today presented its report into the Register of Environmental Organisations, a government scheme that enables eligible environmental organisations to receive tax-deductible donations.

The report centres on the administration of the Register, and how the Register supports communities to take practical action to improve the environment. The Committee has identified some key areas of possible reform of the Register, including measures relating to:

• the operation of the Register;
• activities undertaken by organisations listed on the Register; and
• the integrity of the current regulatory framework for registered organisations.

The Committee acknowledges the high level of public interest in the inquiry, having received over 685 submissions and a significant volume of correspondence. A substantial portion of this evidence originated from organisations currently listed on the Register. In recognition of this strong interest in the inquiry, the Committee undertook an extensive program of public hearings and site inspections around Australia, to hear firsthand about the range of environmental work being supported by the Register.

The Committee’s report is accompanied by a dissenting report from the Labor members of the Committee, and additional comments from the Member for La Trobe, Mr Jason Wood MP.

A full copy of the Committee’s report can be found on the inquiry’s website 

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THE Joint Standing Committee on Treaties  last week tabled two reports, with the first focussing on treaty activity regarding fisheries, marine safety and taxation, while the second summarised material from the recent seminar marking 20 years of the Committee’s work.

Committee Chair Luke Hartsuyker MP said the first report recommended ratification of an agreement designed to strengthen the Niue Treaty on fisheries surveillance and law enforcement in the South Pacific.

“The treaty will provide another avenue for preventing illegal, unreported and unregulated (IUU) fishing in the region, which depletes fish stocks through overfishing and poses a serious threat to food security in our region,” Mr Hartsuyker said.

“Australia plays a key role in maritime surveillance in the region and is committed to supporting regional cooperation on maritime security. This agreement will help us to maximise our operational reach and effectiveness in monitoring illegal activity, such as IUU fishing.”

Mr Hartsuyker said the report also included two new International Maritime Organization codes which will improve ship safety and protect the marine environment.

“The Polar Water Code will ensure that ships operating in polar waters are built to withstand the conditions, while the IGF Code will provide an international standard for ships using low-flashpoint fuels,” he said.

Mr Hartsuyker said the final treaty in the report is a new taxation agreement with Germany aimed at curtailing tax evasion.

“Australia and Germany have taken the opportunity to update and modernise an existing treaty by incorporating the Organisation for Economic Co-operation and Development (OECD) /The Group of Twenty (G20) recommendations to prevent base erosion and profit shifting,” he said.

“By including these provisions in the treaty we hope to promote the work of the OECD and create a precedent for future treaties.”

Mr Hartsuyker said the Committee also presented a second report, which summarised material from the recent seminar held to mark 20 years of the Committee’s work.

“The report contains a full transcript of the presentations delivered at the seminar, reflections on the Committee’s work, an assessment of its performance and useful statistical data,” he said.

“The seminar provided some thought provoking ideas on the Committee’s future direction and I am confident that the information included in this report will prove useful to experts, academics and students of the treaty making process in Australia.”

The reports are available on the committee’s website: http://www.aph.gov.au/jsct or by contacting the committee secretariat on (02) 6277 4002.  

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THE Standing Committee on Indigenous Affairs today tabled an interim report as part of its Inquiry into Educational Opportunities for Aboriginal and Torres Strait Islander students.

Although the Committee did not have an opportunity to fulfil its planned hearing program, issues raised by the community were so significant that the Committee resolved to release interim findings and recommendations for the Minister’s urgent consideration.

The Interim Report recommends that:

• ABSTUDY be overhauled and redesigned with the new system being fully operational by 30 June 2017
• the Government rectify the current gender imbalance in Commonwealth funding provided to Indigenous girls’ and boys’ programs, and ensure that future grants are gender equitable
• the Minister for Indigenous Affairs re-refer the inquiry to the Committee in the new Parliament so to ensure that the Committee may finish this vital work. 

Further information on the inquiry, including a full copy of the report is available on the Committee website at www.aph.gov.au/educationalopportunities.  

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