Does your start-up qualify for an ESIC tax-offset?

Coming into force on 1 July 2016, the Tax Laws Amendment (Tax Incentives for Innovation) Act 2016 (Cth) (Innovation Act) amends the Income Tax Assessment Act 1997 (Cth) (ITAA) to provide tax incentives for investors in eligible Early Stage Innovation Companies (ESIC’s). [Read more…]

Changes to capital gains tax roll-over relief regime

On 8 March 2016, the Tax Laws Amendment (Small Business Restructure Roll-over) Bill 2016 (Bill) received royal assent.  The explanatory memorandum for the Bill states that it makes a number of amendments to the Income Tax Assessment Act 1997 (Cth) to provide greater flexibility for small businesses to change their legal structure in order to: [Read more…]

Share vesting agreements – could compulsory acquisition be a penalty?

In the Australian start-up community, we appear to have adopted most of the terminology from the United States, notwithstanding that the laws in relation to shares, options, loans (Securities) are completely different.   One such “imported term” is the “Vesting Schedule” which is commonly utilised in a Share Vesting Agreement.   The principle is simple enough, individuals contribute to a start-up (Startup) work to build a product or service and are given equity in the business (Company) in exchange for their efforts (Sweat for Equity Deal).  A Share Vesting Agreement will usually contains a Vesting Schedule which describes the rights and obligations of the participants by which their Securities vest, or are cancelled if the person fails to achieve certain milestones.  Whilst Securities is a broader term, generally in the case of start-ups we refer to various classes of shares in a proprietary limited company incorporated under Australian law.

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Silicon Beach Brisbane Christmas party 2013

Last night’s Silicon Beach Startup Christmas party was perhaps the best function of the year!  With a purported 280 attendees lending weight to the proposition that Brisbane is arguably Australia’s start-up capital.

The organising committee chose a great venue in the Exchange Hotel.  Seeing the Dundas Lawyers brand the size of a theatre screen in the middle of the Brisbane CBD was a highlight! [Read more…]

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