The Prime Minister released on Monday 7 December 2015 a new National Innovation and Science Agenda Report which includes a wide range of items which aim to provide a package of initiatives to drive innovation. Some of the initiatives include:
- tax incentives for businesses and taxpayers where investors get a 20% non refundable tax offset for investments up to $1mill into non listed companies undertaking eligible businesses from 1 July 2016
- depreciation deductions on intangible assets acquired with a new option of self assessing the tax effective live from 1 July 2016
- Relaxation of Same Business Test for accessing company losses where a company has entered into new transactions or new business
- New grant program which is more accessible to start ups and small to medium enterprises.