Further to our article ( here), despite Treasurer Scott Morrison introducing the legislation to extend crowdsourced equity based funding legislation to proprietary companies in September this year, it has failed to pass through parliament before the extended summer break.
This means proprietary companies won't be able to access this form of funding until August next year at the earliest.
The introduction of these changes will be particularly important for innovative, early-stage businesses that may have difficulty accessing funding from traditional sources.
This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.
