s708 Investor

An s708 investor is an investor who qualifies under Section 708 of the Corporations Act 2001 (Cth) to receive certain offers without a standard prospectus. In practice, Section 708 sets out multiple pathways that can classify an offer as exempt from full disclosure, including the widely used s708(8) sophisticated investor pathway.

This page focuses on the legal definition and the core tests, plus the evidence commonly relied on, such as an s708 certificate issued by a qualified accountant.

If you want the practical step by step version, see our guide: How to qualify as a sophisticated investor in Australia.

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What is an s708 Investor?

The term s708 investor is commonly used to describe a person or entity that can participate in offers made under exemptions in Section 708. These exemptions can apply based on the investor’s characteristics (for example, sophisticated or professional investors) or based on how the offer is made (for example, small scale offerings).

Section 708 is part of the legal framework that distinguishes retail and wholesale type offers. The key practical effect is that eligible offers may be made with reduced disclosure, compared to a regulated prospectus.

s708(8) Sophisticated Investor, Legal Definition

The most referenced pathway is s708(8) sophisticated investor. Under this pathway, a person is treated as sophisticated if a qualified accountant provides a certificate stating the person meets at least one of the financial thresholds, commonly understood as:

  • Net assets of at least AUD 2.5 million, or
  • Gross income of at least AUD 250,000 per year for the last two financial years

This is why people often refer to an s708 certificate or s708 sophisticated investor certificate, even though the formal concept is the accountant’s certificate used to support the s708(8) status.

What is an s708 Certificate?

An s708 certificate usually means a qualified accountant’s certificate confirming the investor meets the s708(8) thresholds. Issuers and platforms often request this because it is a standard, defensible way to document eligibility.

What the s708 Certificate Typically Includes

While formats vary, an s708 certificate usually includes:

  • Investor name (or entity name, where applicable)
  • Statement that the investor meets the relevant s708(8) threshold
  • Accountant details and confirmation they are a qualified accountant
  • Issue date and signature

Many platforms require the certificate to be recent, often issued within a set timeframe, because eligibility evidence can become outdated.

Other Section 708 Exemptions, High Level Context

Section 708 includes other exemptions beyond s708(8). Depending on the offer, the issuer may rely on one or more of these, such as:

  • Offers to certain categories of professional investors
  • Offers involving a minimum investment amount, in some circumstances
  • Small scale or limited offeree situations, subject to strict rules

Each exemption has its own conditions and compliance requirements. The correct pathway depends on the offer structure and the investor type.

Why the Legal Category Matters

Qualifying under s708 generally means:

  • You may receive offers with less disclosure than retail offers
  • The issuer may have different compliance obligations
  • You must assess risk carefully, as protections can be reduced

This classification is not a statement that an investment is low risk. It is a regulatory definition about disclosure and who can lawfully receive certain offers.

How to Qualify as an s708 Investor

If you want the practical pathway and the documents checklist, see our guide: How to qualify as a sophisticated investor in Australia.

That guide walks through:

  • The most common qualification routes
  • What evidence is usually accepted
  • How the qualified accountant certificate process works
  • Typical approval steps on investment platforms

Frequently Asked Questions

Is an s708 investor the same as a sophisticated investor?

Not always. “s708 investor” is a broad informal phrase. A sophisticated investor is one specific pathway, commonly under s708(8).

Not always, but it is one of the most common pieces of evidence for the s708(8) pathway. Other exemptions can require different evidence.

Yes, offers can be made to entities, but eligibility tests and evidence can differ. Platforms may request additional documentation for verification and compliance.

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Peloton Capital Pty Ltd is an Australian Financial Services Licensee (AFSL) authorized by the Australian Securities and Investments Commission (ASIC) to provide financial services to both retail and wholesale clients.
 
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Under AFSL 406040, Peloton Capital is authorised to provide financial product advice and deal in financial products, including:
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ASIC 708 Investor Confirmation Required

Important Legal Notice

Before you proceed, please read the following carefully:

This website and the investment opportunities referred to on it are provided in reliance on section 708 of the Corporations Act 2001 (Cth). The materials you are about to access do not constitute a prospectus, product disclosure statement or other disclosure document under Australian law and have not been lodged with the Australian Securities and Investments Commission (ASIC).

Access to this website and any invitations to participate in capital raisings, placements or other investment opportunities offered or introduced by Peloton Capital is strictly limited to persons to whom offers may lawfully be made without disclosure under Part 6D.2 of the Corporations Act 2001 (Cth).

By clicking “I Confirm”, you represent and warrant that you are one of the following:

  • A sophisticated investor within the meaning of section 708(8) or 708(10) of the Corporations Act;

  • A professional investor as defined in section 9 of the Corporations Act;

  • A person to whom an offer may otherwise lawfully be made without the need for a disclosure document under section 708;

  • Accessing this information for your own investment assessment and not for redistribution; and

  • Acknowledging that Peloton Capital will rely on your confirmation in accordance with Australian law.

You acknowledge that:

  • No disclosure document has been prepared for the offers on this site;

  • You will not receive the protections afforded by a prospectus or product disclosure statement;

  • Peloton Capital and its representatives are entitled to rely on this confirmation; and

  • The invitations are not available to retail investors unless the law permits otherwise.