Zed Seselja (ACT, Liberal Party, Assistant Minister for Treasury and Finance) Share this | Hansard source

The government will be supporting this amendment. Schedule 3 of this bill delivers on a key commitment in the government's FinTech statement. It clarifies that early stage venture capital limited partnerships and venture capital limited partnerships can invest in innovative Australian FinTech businesses.

The opposition's amendment would require Treasury and Innovation and Science Australia to conduct an impact assessment of the operation of the tax concession regime in relation to venture capital investment. This would be undertaken 24 months after the bill receives royal assent and would include consultation. The report on the impact assessment would be tabled in parliament.

The government is willing to support the amendment proposed by the opposition, despite the likely limited benefit a further review would have. We've already made changes as part of our National Innovation and Science Agenda to the tax treatment of ESVCLPs to make them more internationally competitive, to attract greater levels of venture capital investment and to incentivise investors to support early-stage innovation companies. This bill highlights the government's commitment to support innovative businesses in Australia and build a culture of entrepreneurship and risk-taking. Passing this bill will provide greater certainty to venture capital investors, improving access to capital for innovative Australian fintech businesses so that they can grow and succeed.

Question agreed to.