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Federal Budget to include $550m to attract overseas businesses and talent

Australia will seek to “capitalise” on its management of COVID-19 with a half a billion-dollar plan to lure global businesses and talent from other countries.

Treasurer Josh Frydenberg unveiled the package, worth $550 million over four years, ahead of today’s federal budget.

The new measures include removing red tape and changing tax rules to encourage the use of employee share schemes, which the government argues are critical for start-ups to attract and retain talented staff.

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The Australian Tax Office will also provide a “concierge” service to fast-track tax advice to foreign investors, while individual tax residency rules will be simplified.

“We must seize this opportunity and capitalise on the strength of our health and economic response to this crisis,” Mr Frydenberg said.

“While other countries struggle to contain the virus and are moving to increase taxes, our focus is on driving an even stronger recovery and attracting the best and brightest to help set Australia up for the future.”

The announcement comes just days after the government revealed Australia’s international border restrictions were likely to remain in place until 2022.

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