The Australian has announced the Government is set to offer tax incentives for big international businesses who make the move to Australia in the hope of enticing more high-net worth global talent to Australia.
According to The Australian a cabinet-level taskforce will offer financial incentives including possible tax lures for foreign-based advanced manufacturers and high value businesses of more than $250 million to relocate to Australia.
While the manufacturing package has yet to officially be released by the Morrison Government, The Australian announced the package will target the mining and technology, food and agri-tech, aquaculture, medtech, biotech and pharmaceutical industries in order to shape Australia’s post-pandemic jobs and industry agenda. The US, Britain, Singapore and Hong Kong have already been identified as key markets in which to target high-net worth individuals and entrepreneurs who would be interested in taking advantage of this opportunity. It is expected that incentives such as research and development assistance funds, potential tax and visa incentives will be offered, as well as States offering greenfield sites for locating new manufacturing.
Along with the investment value of more than $250 million, businesses will also need to create more than 250 jobs and fill critical skills gaps.
Australia is an attractive prospect to many high-net worth individuals and businesses in the current climate with low coronavirus cases, a stable economy especially given the global situation and a good quality of life.
With the Government keen to boost jobs and help build the Australian economy it’s the perfect time for businesses and entrepreneurs to take advantage of the incentives on offer.
As well as the business incentives, global talent looking to move to Australia will have access to fast tracked, priority visas such as the Global Talent Visa program, the Global Talent Employer Sponsored program and the Business Innovation and Investment program.