Five laws for startups and SMEs that passed through Parliament this week

The winter sitting of Parliament is coming to a close, but frigid temperatures in Canberra did not cool off a legislative hot streak: the Senate adjourned on Thursday after passing 19 separate bills, capping off a busy season for lawmakers.

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 you can expect to see as a result.

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.

Both measures passed into law on Wednesday through the omnibus Treasury Laws Amendment (2022 Measures No. 4) Bill 2022.

You can read more about the policies and what they cover here.

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.

Industry leaders hailed its passage as a massive win for local talent, and one likely to spur new international investment in the local gaming scene.

Startup Year

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 Thursday.

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.

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.

The bill also enshrines a right to superannuation in the National Employment Standards, a move Minister for Employment and Workplace Relations Tony Burke said will shield employees against superannuation theft.

Temporary visa workers will also enjoy greater coverage by Fair Work Act protections under the Protecting Worker Entitlements Bill.

The bill is the “first step” to closing prevalent “loopholes” in workplace agreements, Burke said.

Creative Australia

Legislation enacting Creative Australia, Music Australia, and Creative Workplaces passed into law last Friday 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.

Creative Workplaces will also establish workplace standards in creative enterprises, the federal government says, with organisations set to receive funding to help them match those new benchmarks.