On 7 December 2015, Prime Minister Malcolm Turnbull unveiled the government’s $1.1 billion investment into the national innovation and science agenda reform. The reform is designed to reinvigorate Australian innovation and technology with the intention of fostering Australia as a technological world leader.
National Innovation and Science Agenda Reform Details
The government’s proposal is essentially as follows:
- A $200 million innovation fund designed to inject capital into businesses developing technologies from CSIRO and Australia universities;
- Tax incentives for investors;
- Support to technology and innovation “incubators”;
- Changes to the taxation of intellectual property;
- Significant future funding for research programs over the next decade;
- $84 million over the next four years to stimulate participation in Science, Technology, Engineering and Maths (STEM) and $13 million to boost the participation of females in the STEM sectors;
- Entrepreneur visas for foreign innovators;
- Changes to insolvency laws, notably:
- A reduction in the default bankruptcy period from three to one years;
- “Safe harbour” provisions for director’s liability for insolvent trading where a professional restructuring advisor has provided turn-around advice; and
- Removal of the viability of “ipso facto” contract clauses where an agreement is terminated at the point of insolvency.
The government’s national innovation and science agenda reform reform provides great opportunities for both established and start-up businesses to enter the technology market and capitalise on the rapid progression of modern technologies.
Irish Bentley Lawyers have a significant level of experience in intellectual property, taxation and insolvency law. We are able to assist at the onset of a future business endeavour and at all stages a business’ lifetime.
Please note that the above does not constitute legal advice and Irish Bentley Lawyers make no representations or warranties as to the accuracy of any of the information contained herein. If you have a copyright issue, then please do not hesitate to contact the team at Irish Bentley Lawyers – there is no substitute for proper legal advice based on your individual and unique circumstances.