Comparison of Recent Reforms to Australia's and New Zealand's Venture Capital Tax Incentive Schemes and Investment Vehicles

Over the last few years, the governments of both Australia and New Zealand have introduced a range of measures to encourage venture capital investments in small and medium-sized enterprises (SMEs). The schemes are heavily regulated and have been specifically designed to support the development of the "formal" venture capital markets in these countries. This article examines and compares some of the recent venture capital reforms that have been implemented, or are in the process of being implemented, in Australia and New Zealand. The article focuses on the design of these countries' tax expenditure schemes and the investment vehicles used in them