It’s Wednesday! Here’s what you need to know in Australian tech today.
1. There’s a truckload for startups in the federal budget.
- From July, the employee share scheme comes into play, which means the default taxing point for share options will be changed so employees generally won’t have to pay income tax upfront.
- Fringe Benefits Tax on all portable electronic devices used for work, such as mobile phones, laptops and tablets has been abolished.
- The half-baked Entrepreneurs’ Infrastructure Programme has had $27 million cut from it in this year’s budget.
- Crowd-sourcing equity will also become simpler some time in the near future.
- Here’s how the ‘Netflix tax’ in the budget will work.
- And the crown jewel: Small businesses will be able to write off up to $20,000 upfront and professional fees when establishing companies, which frees up capital and should make the likes of Ruslan Kogan happy today.
2. MYOB’s CEO Tim Reed says the budget’s $20,000 startup gift will be ‘phenomenal’ for Aussies who back themselves. With about 1 million Australian small business clients, Reed explained how he thinks the budget will go down. Full story is here.
3. Freelancer CEO Matt Barrie thinks the government has blown a chance to fix the huge pit in the budget dug out by iron ore. He’s concerned there isn’t thinking about long term structural reform and hasn’t included any measures which specifically address Australia’s tech sector. Full story is here.
4. The Abbott government used this ridiculous graphic in an attempt to explain metadata. It has also allocated $131 million to the retention policy which requires telcos to store information generated by their users for two years.
5. Something that isn’t budget related… BigCommerce has launched an enterprise version of its online retail platform. The company rolled out the platform to select clients, including Samsung, last year. But from today, it will be available to everyone.
And with that, I need some shut-eye. You can find me on Twitter.