The Australian Technology Network of Universities (ATN Universities) welcomes the Commonwealth Government’s proposal to introduce a targeted Innovative Business CGT Concession (IBCC) as part of its capital gains tax reforms. This would maintain the capital gains tax treatment for innovative startups, with positive implications for Australia’s innovation ecosystem.
This proposal, announced by Treasurer Jim Chalmers today, would address concerns raised by industry, investors and the research sector that proposed changes to the CGT discount could disproportionately impact fast-growing, innovative startups and small businesses, creating barriers to research commercialisation and innovation.
Consultation on the details of this proposal is now under way, and we encourage our partners across industry and the community to join the ATN Universities in making the case for positive reform.
ATN Chair and The University of Newcastle Vice-Chancellor Professor Alex Zelinsky AO commended the revision, noting that the changes are good for Australia’s research ecosystem and a boost for productivity.
“Australian research and innovation sit at the heart of our economy. Our entrepreneurs are an engine for job creation, and crucial to boosting Australia’s productivity. The Treasurer’s planned amendments to the Budget’s capital gains tax measures are a step in the right direction to supporting our national resilience and sovereign capability,” he said.
“Australia must continue to encourage investment in innovative businesses if we are to remain globally competitive and build the industries that will drive future productivity and resilience.”
ATN Universities looks forward to participating in further consultation to ensure Australia’s policy settings continue to support research translation, innovation and productivity growth for the benefit of all Australians.
ATN Universities Executive Director, Dr Andy Marks is available for interview or comment.
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