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.
