Australia: Five laws for startups and SMEs that passed through Parliament
  • 2023-08-17
  • Entrepreneurship Research Center on G20 Economies
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  • the Australia Senate passed 19 separate bills in the week of June 19. Measures significant to the small business and startup community are included in bills to have passed in recent days. Here are just a few of the initiatives, funding tweaks, and rule changes as a result.

    1.     Skills and Training Boost, Technology Investment Boost. Small businesses are now free to claim up to 20% in ‘bonus’ tax deductions on eligible training and tech expenses thanks to the twin Skills and Training Boost and Technology Investment Boost policies.

    2.     Digital Games Tax Offset, also contained in the bill was legislation enacting the Digital Games Tax Offset, a long-awaited policy granting video game developers 30% tax rebates on relevant development costs over $500,000.

    3.     Labor’s Startup Year program will come into effect after the passage of the Education Legislation Amendment (Startup Year and Other Measures) Bill 2023 on 22, June. The measure will provide 2,000 HECS-style loans to recent university graduates, students in their final undergraduate year, and post-grad students.

    That funding is intended to support early-career entrepreneurs as they engage with incubators and accelerator programs, with the goal of kickstarting the next great Australian innovation.

    4.     Flexible unpaid parental leave expansion, thanks to the Protecting Worker Entitlements Bill, which passed on Thursday, access to unpaid parental leave will expand from 30 days to 100 days. Rules will protect how that leave can be shared among parents, boosting the flexibility of those entitlements.

    5.     Creative Australia was enacted by Legislation with Music Australia, and Creative Workplaces 16, June, underpinning the federal government’s approach to supporting the arts industry. Some $69 million in funding over four years will go towards music-focused initiatives, including specialist business and management training to help industry professionals.


  • Partners

  • Global Health Innovation Center (GHIC)
  • World Intelligent Incubation Network (WIIN)
  • National University of Singapore
  • Canada-China Institute For Business & Development
  • TusPark Research Institute for Innovation
  • Cross-strait Tsinghua Research Institute
  • Tsinghua X-Lab

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