For a budget that was predicted in some quarters to take an axe to public spending, start-ups haven’t come out too badly from Treasurer Wayne Swan’s 2011 effort.
Alongside the previously announced $5,000 tax write-off for vehicles and reform of car fringe tax benefits, entrepreneurs have been handed a few extra goodies, despite the lack of any major boost for innovation.
There is a new $100 million VC fund for renewable start-ups and while it is small compared to comparable green investment funds in the UK and US, it is a welcome step in the right direction.
In addition to this, the Small Business Support Line has been handed an extra $7.1 million and there’s a one-year tweak to PAYG rules, which will boost cashflow.
Throw in a heavy focus on boosting skills and workplace participation, and it would be fair to label this as a budget with plenty of welcome, albeit small, wins for start-ups.
Read on for our in-depth coverage, direct from Canberra, on how the budget impacts your business.
Oliver Milman, Editor