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Figure 2.14 Number of COMET commercialisation outcomes 1999-2001 to 2009 2010 as a percentage of total commercialisation outcomes
Figure 2.14 shows the breakdown of commercialisation outcomes for 1999-01 to 2009-10. The outcomes are as charted in Table 2.15: 1192 from capital raising (29%), 800 from alliances (19%), 231 from licences (6%), 1078 agreements (26%) and 804 from production (20%).
Figure 2.15 Number of COMET commercialisation outcomes as a percentage of total commercialisation outcomes 2009-10
Figure 2.15 shows the breakdown of commercialisation outcomes for 2009 10. The outcomes are as charted in Table 2.15: 145 from capital raising (21%), 183 from alliances (26%), 35 from licences (5%), 196 agreements (27%) and 147 from production (21%).
SUPPORT TO CUSTOMERS
COMET funding is used to subsidise access to third party service providers for activities which have been agreed with a COMET business adviser.
COMET financial assistance for companies is available through a two tier funding structure:
Assistance was also available for individuals, limited to $5,000 (exclusive of GST), to develop management skills required to progress their innovation towards commercialisation. Applications closed to individuals from 1 January 2010. Approved customers can access assistance from COMET for a maximum of two years. These approved customers also have the opportunity to gain additional assistance through Tier 2.
Innovation Australia operates under directions issued by the Minister under the Industry Research and Development Act 1986.
The COMET program is administered by AusIndustry under delegation from Innovation Australia. The financial administration of the program is the responsibility of AusIndustry under delegation from the Minister. The COMET Committee was revoked with effect 30 June 2010. Innovation Australia will continue to provide oversight and guidance over the final year of the program in 2010-11.
The role of the COMET Committee is outlined in Section 3 – Corporate Governance.
EARLY STAGE VENTURE CAPITAL LIMITED PARTNERSHIPS
The Early Stage Venture Capital Limited Partnerships (ESVCLP) program was established in June 2007 under the Venture Capital Act 2002 (VC Act) and amendments to the Income Tax Assessment Act 1997 and the Income Tax Assessment Act 1936.
The ESVCLP program uses a key development in the Australian Government’s approach to its tax based venture capital programs. This was the introduction of the incorporated limited partnership (ILP). A world-class venture capital fund structure, the ILP was first made available to the industry in 2004 through the Venture Capital Limited Partnerships program and has quickly gained industry acceptance.
The ESVCLP vehicle is a specialised investment vehicle for fund managers seeking to raise a new venture capital fund to make early stage venture capital investments in Australian businesses. ESVCLPs can only make investments as provided for under the legislation. Broadly, these are new equity investments in companies or unit trusts with total assets of not more than $50 million that do not have property development or financial services as their predominant activity. An ESVCLP must also divest itself of any holdings once the total assets of the investee exceed $250 million. An ESVCLP must have its investment plan approved by Innovation Australia and be structured as a limited partnership, with committed capital of at least $10 million and not more than $100 million.
The ESVCLP regime will provide an investment vehicle providing flow-through tax treatment and a complete tax exemption for income, both revenue and capital, received by its domestic and foreign partners. The regime will progressively replace the PDF program which provides tax concessions to investors carrying on eligible activities in eligible small and medium sized entities.
The number of registered ESVCLPs as at 30 June 2010 was six (including three conditionally registered). This represents an increase of two ESVCLPs since 30 June 2009 and with $80 million being committed under the program of which $40 million (representing government and private investor co-investment) is from the Innovation Investment Fund program.
SUPPORT PROVIDED TO CUSTOMERS
The ESVCLP program uses the ILP structure and offers a complete tax exemption to both domestic and foreign investors on returns made from early stage venture capital investments.
The ESVCLP program is jointly administered by the Australian Taxation Office (ATO) and Innovation Australia through its Venture Capital Committee (VCC) with the assistance of AusIndustry. ESVCLPs are required to operate in accordance with the VC Act and the relevant Tax Acts. It is the Committee's role to monitor certain aspects of compliance and administer and take actions as required. Registration applications are decided by the VCC and ESVCLP activity reports are reviewed for compliance by both the VCC and the ATO. The VCC deals with registration purposes and the ATO provides the tax concession for partners registered under the program.
The role of the VCC is outlined in Section 3 – Corporate Governance.
VENTURE CAPITAL LIMITED PARTNERSHIPS
The Venture Capital Limited Partnerships (VCLP) program was established in December 2002 under the Venture Capital Act 2002 (VC Act) and amendments to the Income Tax Assessment Act 1997 and the Income Tax Assessment Act 1936.
Fund managers seeking to raise a new venture capital fund to make investments in Australian businesses with total assets of not more than $250 million can apply to register the fund as a VCLP. A fund must have an appropriate investment plan and be structured as an incorporated limited partnership with committed capital of at least $10 million. VCLP registration entitles a fund to flow-through tax treatment (it is not a taxing point). Further, a fund’s eligible foreign investors receive a capital gains tax exemption for their share of the fund’s gains from eligible investments. The fund’s other investors have their share of the fund’s gains taxed in their hands.
VCLPs can only make eligible investments as defined by the VC Act and the relevant Tax Acts. Broadly they are equity investments in companies or unit trusts with total assets of not more than $250 million that do not have property development or financial services as their predominant activity.
The VC Act also provides for two other types of registration.
For an Australian resident general partner, registration is available for a specific limited partnership investment vehicle called an Australian Venture Capital Fund of Funds (AFOF). Such funds can only make investments in a VCLP or invest in a company in which a VCLP is a limited partner. To date no AFOFs have been registered.
For tax-exempt foreign residents, registration is available as an Eligible Venture Capital Investor. Registration allows the entity to make direct investments and disregard any gain made on disposal of an eligible venture capital investment. To date no investors have been registered.
The VCLP program is designed to stimulate the Australian venture capital industry by providing incentives for increased foreign investment which will support patient equity capital investments in relatively high-risk start-up and expanding businesses that would otherwise have difficulty in attracting investment through normal commercial means.
At 30 June 2010 there were 37 VCLPs (including five conditionally registered) with total committed capital of $3.8 billion1. This represents an increase of one VCLP and $16 million in committed capital over the previous 2008-09 figures. As with the previous year the primary source of capital continues to be domestic institutional investors, with around 10 per cent coming from foreign investors.
At 30 June 2010, VCLPs held investments in 118 businesses costing $1.4 billion, which they valued at $1.7 billion.
During the year, VCLPs reported making 113 investment deals in which $141 million was invested into 59 businesses. Twelve of the deals were initial investments into companies, and 101 were follow-on investments. While there were more investment deals than the previous financial year in which 95 deals were made, the total amount invested decreased from the 2008-09 figure of $295 million.
Three VCLPs reported three divestments during the year realising $25.7 million from investments that cost $24.8 million, recording a capital gain of $0.9 million. This is a reduction over the previous year in which eight divestments occurred realising a total capital gain of $6.3 million.
SUPPORT PROVIDED TO CUSTOMERS
A VCLP receives flow-through tax treatment - that is, it is not a taxing point. Eligible foreign investors in a VCLP are exempt from income tax on profits or gains derived from the sale of eligible investments by the VCLP. A VCLP’s other investors have their share of the VCLP’s gains taxed in their hands. The general partner of a VCLP has its share of the gains made by the VCLP on the sale of eligible investments (the carried interest) taxed as capital gain.
The VCLP program is jointly administered by the Australian Taxation Office (ATO) and Innovation Australia through its Venture Capital Committee (VCC) with the assistance of AusIndustry. VCLPs are required to operate in accordance with the VC Act and the relevant Tax Acts. It is the VCC’s role to monitor certain aspects of compliance and administer and take actions as required. Registration applications are decided by the Committee and VCLP activity reports are reviewed for compliance by both the Committee and the ATO. The VCC deals with registration purposes and the ATO provides the tax concession for partners registered under the program.
The role of the VCC is outlined in Section 3 – Corporate Governance.
PHARMACEUTICALS PARTNERSHIPS PROGRAM
The Pharmaceuticals Partnerships Program (P) was a competitive, merit-based grants program announced in the May 2003 Budget as a five-year, $150 million competitive grants program. P33 funding was provided for a portfolio of projects rather than an individual project. The program operated from 2004-05 to 2008-09.
Under P3, successful applicants of Rounds 1 and 2 received 30 cents for each additional dollar they spent on eligible pharmaceutical R&D in Australia, up to a total grant amount of $10 million. Successful Round 3 applicants received 50 cents for each additional dollar they spent on eligible pharmaceuticals R&D in Australia up to a total grant amount of $10 million.
The objective of P3 was to increase the amount of high-quality pharmaceuticals R&D activity in Australia throughout the entire value chain including biotechnology, originator and generic medicines companies.
The program focused on developing medicines for global markets and encouraged international firms to foster partnerships with local companies.
Table 2.16 Australian Government budget and expenditure at 30 June 2010
a There is no Australian Government budget for P3 for 2009-10. Payments made were against amounts accrued in 2008-09.
There were three funding rounds for P3 with decisions in the 2003-04, 2004-05 and 2006-07 financial years. Over the three rounds a total of 47 applications were considered for grant support of which 24 applications worth $162.031 million were approved. Of the approved applications one company did not accept the offer of funding and one was successful in both Round 1 and Round 3.
Over the life of the program Pcompanies undertook $1,160.80 million of eligible pharmaceuticals R&D in Australia against a target of $1,334.24 million.
Successful applicants were drawn from across the pharmaceutical industry and included biotechnology companies, generic medicine companies and originator pharmaceutical companies. During of the life of the program 22 companies accepted funding offers, one accepting an offer under both Round 1 and Round 3, with nine subsequently withdrawing from the program. The 22 participants included 14 biotechnology companies, six originator pharmaceuticals companies and two generic manufacturers.
From the commencement of the program to its conclusion on 30 June 2010, the program paid $72.84 million in grant funding representing a $226.91 million increase in companies’ eligible R&D expenditure.
Innovation Australia, through its Pharmaceuticals Committee assessed applications and made recommendations on all matters relating to the functions of the Board under P3 3.
Pharmaceuticals Partnerships Program Directions No. 1 of 2003, No. 1 of 2004 and No.1 of 2006 set out the policies and procedures to be followed by Innovation Australia in administering the program.
The role of the Pharmaceuticals Committee is outlined in Section 3 - Corporate Governance.
POOLED DEVELOPMENT FUNDS
The Pooled Development Funds (PDF) program commenced on 30 June 1992 and operates subject to the Pooled Development Funds Act 1992 (the PDF Act), the Pooled Development Funds Regulations 1992, and both the Income Tax Assessment Act 1936 and 1997, and the Income Tax Rates Act 1986. The program was closed to new registrations on 21 June 2007 and replaced by the Early Stage Venture Capital Limited Partnerships (ESVCLP) program.
PDFs are venture capital funds, structured as a company, that must operate and make investments in accordance with the requirements of the PDF Act. Broadly the PDF Act requires that investments are new equity investments in growing Australian companies with assets of not more than $50 million that are not undertaking retail sales or property development as their primary activity. PDFs may provide management assistance to companies in which they hold an investment and may provide debt financing in limited circumstances.
The PDF Act also provides special provision for tax-exempt foreign superannuation funds to register as Venture Capital Entities. Registration allows the entity to invest venture capital into qualifying Australian small and medium sized entities. Currently there are no Venture Capital Entities registered.
Автор благодарит Victor A. Hill, руководителя английской фирмы International Management Development, London и L. P. Todd, руководителя...