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ARTICLE · 12 SEPTEMBER 2007

VCLP Reforms And New ESVCLP Regime

Gilbert + Tobin
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On 29 March 2007, the Government introduced Tax Laws Amendment Bill 2007, which contains the proposed changes to the Venture Capital Limited Partnership regime and the creation of the Early Stage Venture Capital Limited Partnership regime.

AustraliaFinance and Banking
David Watkins
David Watkins
Mark Goldsmith
Mark Goldsmith

Overview

On 29 March 2007, the Government introduced Tax Laws Amendment (2007 Measures No. 2) Bill 2007 (the Bill), which contains the proposed changes to the Venture Capital Limited Partnership (VCLP) regime and the creation of the Early Stage Venture Capital Limited Partnership (ESVCLP) regime.

These proposals were first announced in the May 2006 Budget, as part of a package of measures to increase activity in the venture capital sector. Both regimes will fall under the responsibility of the Venture Capital Registration Board (VCR Board), being the former PDF Registration Board.

As part of this package, the Government is also committing $200 million for a further round of funding of the Innovation Investment Fund programme. This programme provides Government funds alongside funds from private investors to encourage the development of new companies, particularly those with a technology focus.

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