NSW is now even better for small businesses and startups
1 June 2015
Proposed investment visa and national budget changes will make NSW even more attractive to startups and smaller companies.
Significant investor visa applicants must invest $5 million in Australian companies. The first proposed change is that a major share of this must be invested in funds that support early-stage and smaller companies.
Specifically, the Australian Government's new framework will require at least $500,000 to be invested in early stage and venture capital funds. A further $1.5 million must be allocated to venture capital or other fund managers that support small and micro-cap.
Federal budget changes
The Australian Government's latest budget was unveiled in mid-May and includes measures that are likely to benefit small businesses and startups in NSW:
- The Australian Securities and Investments Commission will develop a new regulatory framework for crowdsourced equity funding that should make it easier for businesses to gain funding through websites such as GoFundMe, Indiegogo and VentureCrowd.
- From 1 April 2015, businesses with annual turnover of less than $2 million will no longer have to pay fringe benefits tax on portable electronic devices (like smartphones and tablet PCs) that are purchased for work-related purposes.
- From 1 July 2015, minor amendments to employee share schemes will make it easier for startups to attract and retain key employees.
- startups and smaller companies.
For more information, visit Australian Government budget announcements.