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Government consults on venture capital and fintech

By Reporter
1 minute read

The government has initiated a consultation process aimed at exploring the best way to ensure investors in fintech start-ups can be eligible for venture capital tax concessions.

Investors and members of the fintech sector will have until Friday 3 June to provide recommendations to Treasury on the best way to target tax concessions for fintech start-up activities.

The small business entities and industry concession unit of Treasury referenced the government's March 2016 'Fintech Statement'.

"[The government] is committed to encouraging investment in fintech firms by ensuring that the tax concessions are available for venture capital investments in fintech startups, including banking and insurance activities," said Treasury.

"We seek ideas on how to ensure the tax concessions are available for the right fintech startup activities, which may include potential changes to the Income Tax Assessment Act 1997 definition of ‘ineligible activities’ for venture capital investment."

Interested parties have until Friday 3 June to lodge a submission with Treasury.

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