Turnbull government's ideas boom plan

THE TURNBULL GOVERNMENT'S INNOVATION STATEMENT

* Investors in innovative start-ups will receive a 20 per cent non-refundable tax offset based on the amount of their investment as well as capital gains exemption.

* A 10 per cent non-refundable offset for capital invested in new Early State Venture Capital Limited Partnerships.

* Replacing the 'same business test' - which denies tax losses if a company changes its business activities - with a more flexile 'predominantly similar business test'.

* Changes to insolvency laws, including reducing the default bankruptcy period from three years to one, introducing a 'safe harbour' for directors from personal liability for insolvent trading if they appoint a professional restructuring adviser.

* Establishing a $200 million CSIRO innovation fund to co-invest in new spin-off companies and a Biomedical Transition Fund to co-invest $250m with the private sector.

* Funding for national research infrastructure, including $520m for the Australian Synchroton.

* Providing access to entrepreneurial Australians to landing pads in Silicon Valley, Tel Aviv and three other locations.

* A new Cyber Security Growth Centre.

* More than $50m for online computing challenges for Year 5s and 7s to learn coding, online learning activities for teachers and targeted ICT and STEM programs like ICT Summer Schools for Year 9 and 10s.

* More than $13m to support women and girls in STEM and the research sector.

* An entrepreneurs visa for up-and-coming entrepreneurial talent.

* A new independent body - Innovation and Science Australia - and a new committee of cabinet.

(Source: National Innovation and Science Agenda)