Venture capital tax incentives extended to fintech

The federal government has released exposure draft legislation that will remove restrictions for venture capital investors to access tax concessions when investing in fintech.

Treasurer Scott Morrison has announced the government will seek to reform Treasury laws in order to make it easier for fintech firms to receive early stage investment.

In the 2016-17 federal budget, Mr Morrison announced a number of new tax incentives for venture capital and angel investors aimed at boosting innovation in the economy.

The fintech sector, however, was exempted from those incentives – a decision the government is now looking to reverse with its draft legislation.

“The proposed amendments highlight the Turnbull government’s commitment to promoting innovation, by incentivising investors to support innovative, high-growth potential start-ups,” Mr Morrison said in announcing the changes.

To read more, please click on the link below…

Source: Venture capital tax incentives extended to fintech – InvestorDaily