The Turnbull government's innovation statement was released in December 2015.
Here's some of what's on offer:
Tax: Investors will be able to get a 20 per cent tax offset, rather than a deduction and a capital gains tax exemption. The offset model has been chosen instead of a deduction as it benefits people more evenly across income groups. For example, if someone invests $200,000 and claims the offset they will reduce their income tax by $40,000. Then if the investor sells their shares three years later, their initial $200,000 will be exempt from capital gains tax.
Start-ups: For established start-ups this will bring forward the point at which they get their tax break, offering a 10 per cent tax rebate for venture capital investments to expand existing start-ups.
Bankruptcy: Laws will be changed to reduce the default bankruptcy period from three years to one year, and a new 'predominantly similar business test' will replace the 'same business test', allowing businesses to access past losses. This will be introduced via law changes brought on in the first half of 2016.