A number of amendments were expected to address uncertainties with the current tax concessions relating to Fintech startups.
Due to the positive impact previous announcements were having on the Fintech community, it was also expected the Government would look to extend and improve on some of the concessions that otherwise apply to Fintech startups. These did not materialise.
Momentum has been lost at a crucial time in the development of the Fintech community in Australia against the backdrop of more rapid developments globally.
The only real positive is the release of draft legislation for Crowd Sourced Equity Funding for private companies. Submissions on this new draft legislation are due on 6 June 2017. Pitcher Partners will continue in its active consultation to help ensure that these measures provide realistic alternatives to finance for small to medium businesses.