Management and Investment Companies Licensing Board
MIC Licensing Board
1984 – 1992
Statutory board that licensed management and investment companies (MICs), venture capital companies whose shareholders could claim tax deductions for the capital they subscribed, and oversaw the investments those companies made in eligible Australian businesses.
How it came into existence
Established under the Management and Investment Companies Act 1983 to administer the management and investment companies scheme, which used tax concessions to encourage venture capital investment in small, innovative and export-oriented businesses. The exact date the board was constituted is not confirmed.
Legislation: Management and Investment Companies Act 1983
Changes during its life
- 13 December 1984Moved from the Department of Industry and Commerce portfolio to the new Department of Industry, Technology and Commerce portfolio.
How it ended
Ceased in about 1992, when the government replaced the management and investment companies scheme, weakened after the 1987 share market crash, with the pooled development funds program and its registration board under the Pooled Development Funds Act 1992. The exact end date and the instrument that ended the board are not confirmed.
- Government-supported venture capital investment scheme with tax concessions for investors
Main functions
- Licensing of management and investment companies
- Approval and oversight of MIC investments in eligible businesses
- Monitoring compliance with the scheme
Where it sits
Last in the portfolio of Department of Industry, Technology and Commerce.
Lineage
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Sources
Some dates or links for this organisation are uncertain. Corrections are welcome.