Press release
Australia – An Innovative Agenda?
Australia’s government tightens foreign investment laws for housing and land and introduces a National Innovation and Science Agenda to encourage innovation in business and schools.The second half of 2015 saw significant changes to Australia’s foreign investment framework come into effect, along with the government making an innovation statement which committed $1 billion over the next four years to foster and develop new ideas and new businesses in Australia. To near universal approbation, the new prime minister’s Innovation Agenda has been embraced by all sides of the political spectrum which hopes to attract ideas, entrepreneurs and ultimately create more jobs.
Changes in foreign investment rules
In late November the government successfully negotiated passage through the senate for the legislation amending the foreign investment rules. These changes, which were passed with the help of the Australian Greens, are in part a response to significant community concern about elements of foreign investment and, specifically, foreign investment into residential housing and agricultural land. The proposed changes include:
• The transfer of all administration of foreign investment rules as they relate to residential real estate from the Foreign Investment Review Board (“FIRB”) to the Australian Taxation Office (“ATO”). This is in response to community, and government, concern that the FIRB is not adequately resourced and/or unable to enforce the current laws governing investment into residential property.
• Stricter penalties will be imposed, with criminal penalties increased and third parties who knowingly assist a foreign investor to breach rules now also being subject to penalties.
• Application fees will now be imposed on all foreign investment applications which start from $5,000 for a residential property valued at $1 million or less, with higher fees imposed for business, agriculture and commercial real estate applications.
• A comprehensive, public land register will be established along with lowering the screening threshold for investments in agribusiness to $55 million and lowering the screening threshold for agricultural land to $15 million or where an investor’s overall portfolio of land is worth $15 million or more. Again, this is in response to community concern over the lack of transparency of land ownership, although it is important to note that clauses of Australia’s free trade agreements with New Zealand, Chile, Singapore, Thailand and the United States provide for higher thresholds than this.
• The government will establish a public register of foreign owned land and of foreign owned water entitlements.
Prior to this legislation passing, the ATO has already taken over the FIRB responsibility for residential housing and, indeed, the Government has publicly said that over 195 homes are currently under investigation and over 60 investigators have been assigned to enhance the ATO’s capabilities to prosecute those who are not complying with the rules.
The Innovation Agenda
In early December the new Malcolm Turnbull lead Government unveiled a significant package of measures designed to encourage entrepreneurship and the establishment of new and innovative businesses.
The package is wide ranging with incentives being put in place in a significant number of areas and some key laws being amended to promote risk taking. Some of the key elements are:
• the establishment of a $200 million innovation fund to co-invest in businesses that develop technology from the CSIRO (Commonwealth Scientific and Industrial Research Organisation) and Australian universities
• the establishment of a $250 million Biomedical Translation Fund to co-invest with the private sector to commercialise medical research
• guaranteed funding of at least $150 million per year to the National Collaborative Research Infrastructure Scheme (“NCRIS”) which supports 1,700 scientists
• changes to university funding criteria to encourage greater collaboration with business to develop ideas along with an additional $127 million in research grants over the next four years
• the introduction of a new 20% income tax rebate for retail investors in start-ups, limited to $200,000 per investor per year
• amendments to insolvency and bankruptcy laws which will be relaxed for start-up enterprises and the default bankruptcy period being reduced from 3 years to 1 along with the banning of “ipso facto” contractual clauses which allow an agreement to be terminated solely due to insolvency
• the introduction of a new visa category to entice entrepreneurs and tech-skilled workers to Australia, and offers of permanent residency for high-quality foreign students who graduate in information technology and science, technology, engineering or maths
The Government is hoping these measures generate an ideas boom which will re-position the Australian economy and jump start growth now that the mining boom has come to an end. Given the background of Malcolm Turnbull it is clear to see this is an area he is passionate about and, with the Government recently also changing the rules around crowd funding platforms and other more innovative funding sources, we can expect more announcements from a more nimble and dynamic Government determined to modernise Australia.
Ecovis is a leading global consulting firm with its origins in Continental Europe. It has over 4,500 people operating in over 60 countries. Its consulting focus and core competencies lie in the areas of tax consultation, accounting, auditing and legal advice. The particular strength of Ecovis is the combination of personal advice at a local level with the general expertise of an international and interdisciplinary network of professionals. Every Ecovis office can rely on qualified specialists in the back offices as well as on the specific industrial or national know-how of all the Ecovis experts worldwide. This diversified expertise provides clients with effective support, especially in the fields of international transactions and investments – from preparation in the client‘s home country to support in the target country. In its consulting work Ecovis concentrates mainly on mid-sized firms.
Both nationally and internationally, its one-stop-shop concept ensures all-round support in legal, fiscal, managerial and administrative issues.
The name Ecovis, a combination of the terms economy and vision, expresses both its international character and its focus on the future and growth.
Julia Hanke
Agnes-Bernauer-Str.90
80687 München
Tel.: +49 89 5898 266
Fax: +49 89 5898 280
E-Mail: julia.hanke@ecovis.com
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Australia – An Innovative Agenda? here
News-ID: 343981 • Views: …
More Releases for Australia
CeraCare Australia - Where to Buy Legit CeraCare Supplement in Australia?
CeraCare Australia - Ceracare is a glucose support supplement that proposes to augment cardiovascular prosperity and to stay aware of perfect glucose assimilation in Australia. CeraCare supplement is conceptualized and executed by a threesome – Christine, Dr. Jihn and Michael. It is a natural supplement that helps one stay aware of ideal glucose levels, cardiovascular prosperity, and glucose assimilation.
Take Advantage of 80% Discount Offer in Australia >> https://boostsxproaustralia.com/ceracare-new
The indications…
Glucofort Australia - Where to Buy Legit Glucofort Supplement in Australia?
Glucofort Australia - Glucofort is an efficient, all-natural progressive glucose support supplement in Australia. This formula is made out of 12 key ingredients, 7 nutrients, and minerals, and a little of Vanadium. This supplement upholds regulated glucose levels and glucose digestion. Glucofort prides itself as the most inventive supplements available in Oceania, accentuating its solidarity, wellbeing, and quality.
Take Advantage of 75% Discount Offer in Australia >> https://boostsxproaustralia.com/glucofort-new
Rather than simply…
Australia Agriculture Market, Australia Agriculture Industry, Australia Agricult …
Australia Agriculture has been as vital within the development of Australia, because it was within the United States. Australia's ancient dominance in wheat and sheep continues into the 21st century. Recently Australian agriculture has become more and more diversified. The considerable expanses of productive land have helped Australia to become a number one world exporter of grains, meats, and wool. Each grains (predominantly wheat and barley) and wool markets round…
Australia Conveyor Maintenance Analysis by Top Companies Habasit Australia Pty l …
Global Australia Conveyor Maintenance Market and Competitive Analysis
Know your current market situation! Not only a vital element for brand new products but also for current products given the ever-changing market dynamics. The study allows marketers to remain involved with current consumer trends and segments where they'll face a rapid market share drop. Discover who you actually compete against within the marketplace, with Market Share Analysis know market position, to push…
Australia Conveyor Maintenance Market Analysis By Manufacturers Rema Tip Top Aus …
A conveyor system is a common piece of mechanical handling device that moves materials/objects from one location. A conveyor is often lifeline to a company’s ability to effectively move its products in a timely manner. While it is used constantly in a manufacturing plant, proper maintenance from trained technicians can extend the lifespan of conveyor. Furthermore, conveyor maintenance is essential as it may be subjected to different types of failures…
Australia Conveyor Maintenance Market Analysis By Manufacturers Rema Tip Top Aus …
Market Overview
A conveyor system is a common piece of mechanical handling device that moves materials/objects from one location. A conveyor is often lifeline to a company’s ability to effectively move its products in a timely manner. While it is used constantly in a manufacturing plant, proper maintenance from trained technicians can extend the lifespan of conveyor. Furthermore, conveyor maintenance is essential as it may be subjected to different types of…