The 5 minute 2015 budget summary

A reduction in the company tax rate, help with costs of starting a business, and the ability to write off every asset that costs less than $20,000, are among the positives for startups in the 2015 federal budget. Absent are any measures which aim to tackle the skills shortage in IT, or educate the next generation of entrepreneurs.

Startups that supply their employees with portable devices like laptop and tablets will no longer need to pay Fringe Benefits Tax (FBT) on either device.

Treasurer Joe Hockey says the government is sticking to its plan to strengthen Australia’s economy as he revealed a budget deficit of $41.1 billion for 2014-15.

The Entrepreneurs Infrastructure Program, implemented in last year’s budget as a replacement for Innovation Investment Fund and Commercialisation Australia, is the source of $27 million worth of government savings.

The Australian Securities and Investments Commission will receive $7.8 million over the next four years to implement and monitor a regulatory framework to facilitate the use of crowdsourced equity funding, suggesting a scheme will be in place soon.

Budget papers have outlined a few minor technical changes to the proposed Employee Share Scheme legislation.

Startups specialising in on-demand storage solutions are battling it out as entrepreneurs increasingly look at storage as one of the next sectors ripe for disruption.