It’s Budget day! Here’s what you need to know in Australian tech today.
1. This year’s budget is expected to be packed with initiatives for Australian startups, Treasurer Joe Hockey said so. The budget will reveal exactly how a planned 1.5 percentage point cut in tax will be applied to small businesses. It will also include a reformed employee share scheme that should help startups attract and retain talent. It’s also expected to enable startups to make an immediate tax writeoff of legal and accounting charges in connection with establishing a company. Here’s how Australia’s startup sector is feeling ahead of tonight’s announcement. We’ll be covering it live.
2. The so-called ‘Netflix’ and ‘Google’ taxes will be detailed in the budget. Hockey said he will level the GST playing field and introduce GST on digital goods, a measure he expects will bring in $350 million over the next four years. He will also tighten taxation rules to halt the diversion of profits earned by multinationals in Australia to no or low tax jurisdictions.
3. Tank Stream landed $20 million in funding from a mysterious Chinese investor and now the outfit’s managing partner Rui Rodrigues is on the hunt for decent startups to spend the money on. He’s particularly interested in fintech. More here.
4. Online education startup Edrolo has raised $2.6 million worth of investment in a round led by $60 million fund AirTree Ventures and Atlassian-backed Blackbird Ventures. Full story is here.
5. And finally, here’s how Netflix ranks Australian ISP speeds — and it’s not great.
Have an awesome day! I’m on Twitter.