'Competitiveness agenda' to address taxation of employee share options
The Coalition government plans within weeks to release details of its plans for promoting tech startups in Australia, including changes to employee share option (ESOP) taxation rules, as part of a wide-ranging economic reform package.
The proposals will arrive amid frustration by the startup scene over the long wait for key regulatory changes and more detail on government funding for entrepreneurs.
"In the coming weeks the government will release details of its 'competiveness agenda', which will provide the blueprint for industry and economic growth," according to a Department of Industry spokesperson.
"Some of the proposals before the taskforce working on the competitiveness agenda have included employee share schemes, IP, competition policy and barriers to trade and investment."
The competitiveness agenda is also expected to include a proposal about regulation of crowdfunding, according to Nick Abrahams, an attorney with Norton Rose Fulbright who works on startup tax issues.
The National Industry Investment and Competitiveness Agenda taskforce was announced in December 2013 and comprises Primie Minister Tony Abbott, Treasurer Joe Hockey, Industry Minister Ian Macfarlane and the Minister for Trade and Investment, Andrew Robb.
The government has committed more than $1.4 billion to the initiative, the Department of Industry spokesperson said.
Some in the tech startup scene have grown frustrated after there appeared to be little action after a year with the Coalition in charge.