The tax debate has been a big one in Australia. It was a key topic for fast growing businesses featuring in our Technology Fast 50 in 2015 and has continued to be a topic of discussion over the last year. The 2016/17 Federal Budget honed in on taxes and transparency with cuts to the company tax rate for small and medium sized enterprises and the introduction of a Diverted Profits Tax for significant global entities, amongst other measures.
For those businesses nominating for Technology Fast 50, the challenge is more about moving beyond the start-up phase where cash is burned and revenue limited. Getting cash into the business is king! Once in growth phase, tax losses are likely to be carried forward to shelter some scaling of revenue and profitability, which is a natural outcome of the tax system.
New technology waves are changing businesses – the way they operate and compete. Digital is one of these technology waves and Australia is in the midst of it.
At a recent Deloitte event, some of our Deloitte Private clients gained insights into the impact of digital from Deloitte Digital Partner Steve Hallam. In his presentation, ‘Putting Digital to Work’, he highlighted how technology has the potential to make a significant difference to their businesses.
Businesses have been previously set up on economies of scale but are now moving toward economies of scope. In other words, the focus is shifting to the variety of products offered rather than the output level of one product.
Cloud technology is an ideal way for businesses to grow quickly, capture market share and increase shareholder value. It is just one of the many technologies catapulting start-ups into Deloitte’s Technology Fast 50 Australia – this insight from the 2015 Technology Fast 50 winners report highlighting the extent of its potential impact.
To enable your business to scale-up, become more agile and respond effectively to disruptive change, cloud technology applications are critical – and are cheaper and quicker to deploy than traditional ‘on premise’ business systems.
The Federal Government has dumped the controversial superannuation $500,000 lifetime non-concessional contribution cap and replaced it with an annual limit of $100,000. An individual under 65 can continue to ‘bring forward’ three years’ non-concessional contributions.
In addition, an individual with a super balance of more than $1.6 million will no longer be eligible to make non-concessional contributions. It is expected all these change will commence from 1 July 2017.
An individual with a super balance of more than $1.6 million will no longer be eligible to make non-concessional contributions.
Entrepreneurs all around the world face a similar raft of issues in setting up, funding, staffing and scaling their business, the first question often being where to locate. It appears some countries are making it easier than others and in fact going out of their way to attract entrepreneurs. In the US, the Obama administration has just announced an ‘International Entrepreneur Rule’, that is, a proposal for a visa which will encourage the world’s best and brightest foreign entrepreneurs to live and work in the US while they grow their new business.
Attracting those with innovative ideas to set up and drive their idea through to implementation in Australia is just one piece of the puzzle. What are the other challenges fast growing start-ups face in cultivating the right infrastructure and processes to support growth?
From profitability to productivity; from staff turnover to staff engagement – these are just some of the strategies being realigned within Australia’s automotive industry in response to an ever-changing, digital world and industry.
The key performance indicators of today’s motor industry, that assist dealerships and franchises to be well structured and prepared for success, are very different from the drivers of the past.
Australia’s booming fintech sector is generating world-class innovations from companies that are experiencing staggering rates of growth – meaning they are perfect candidates for Deloitte’s 2016 Technology Fast 50 program. But remember that fintechs are not the only candidates. Any company touching technology – from media, communications, software and hardware to life sciences and healthcare and clean energy – that is innovating, creating disruption and growing, has the opportunity to be part of the Technology Fast 50 program. The program is about more than just financial services, as indeed are the fintechs themselves.
The ‘fintech revolution’ is not only about disrupting traditional financial services. The genesis of Deloitte Technology Fast 50 2015 company Ingogo, for instance, was triggered by a frustration with catching taxis. Addressing the payment aspect of this experience was essential to the solution, but not the focus.
Increasingly, Australian families are establishing foundations for their private wealth from which to provide financial support to the charitable community sector. But what is the best structure?
There are two structures commonly used to facilitate philanthropic giving: a private ancillary fund (PAF) and a private charitable trust.
Innovation is not just a buzz word or a political agenda; it’s an essential requirement for all those looking to future-proof their business. It’s not just about capabilities and technological advances, but a cultural mindset cutting through all aspects of a business to really make an impact.
A common concern for businesses is how to efficiently finance innovation programs
In Australia, Deloitte Technology Fast 50 is now in its 16th year and is more relevant than ever before, as Australia recognises the end of the resources boom, supports the ideas boom and invests in innovation. Although the following article was written in 2015 about that year’s Business Review Weekly (BRW) Rich 200 list, the message is still pertinent – a shift from mining to tech continues as mining billionaire Gina Rinehart has been replaced at the head of the 2016 edition of the list, the first time not being number one since 2010.
Australia recognises the end of the resources boom, supports the ideas boom and invests in innovation. This Tech Fast Trend explores how technology stocks having been rising on the Business Review Weekly (BRW) Rich 200 List, while the mining sector is falling.