“Having long advocated for action in this space, StartupAUS welcomes the proposed changes to Employee Share Schemes put forward by Minister for Small Business Bruce Bilson to Parliament today.
We also welcome his announcement of the government’s intention to help attract and retain talent for innovative companies and make Australia’s startup eco-system globally competitive,
It is encouraging to see the government recognise the potential of Australian tech startups, and take steps to rectify the tax treatment of share schemes. Changes to the ESS will help Australian startups become strong drivers of increases in job creation and, because many help to drive technological change, this will lead to productivity gains and job creation for our economy.
To see a government minister talk about reducing unnecessary red-tape – and take solid action to reduce regulatory costs for startups is also hugely encouraging. The prohibitive costs, such as those required to prepare valuation for tax purposes, is something that has held back many Australian startups.
As a nation we need to invest and foster our startup ecosystem. Australian startups are key in shifting to our industry base from an extractive economy to a sustainable, knowledge-led economy. Changes to the ESS are a vital step in this long process.”
Peter Bradd, Director, StartupAUS
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