Early-stage venture capital firms have come out in force against proposed changes to the “sophisticated” investor thresholds, with more than 20 late submissions to a federal government review accepted by Treasury.
The overwhelming response follows reports the government is poised to raise the income and asset test for sophisticated investors to account for for two decades of inflation.
The contentious proposal would see current thresholds adjusted to ensure more Australians are protected by statutory protections that sophisticated, or wholesale investors, forego. The number of people eligible for the scheme has jumped eightfold since 2001.
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