Aussie technology companies moving offshore


Tax experts warn that a growing trend of local technology companies to shift offshore could see Australia miss out on the digital investment boom.

Highlighting the situation was the decision by Atlassian - one of the country's most successful technology firms - to move to Britain this year ahead of a possible US listing.

Digital start-up Predictive Analytics Group said it may also move offshore - given the much higher R&D tax deductions offered by countries like Britain, China, Singapore and South Africa.

The founder of online jobs portal, Matt Barrie, has slammed successive federal governments, saying the venture capital industry here has fallen apart.

"The technology industry is always competely out of mind for eveyrone in Canberra, always has been," he told SBS.

"I get absolutely frustrated when I see the government funds around half a billion dollars a year for the car industry for example. I can't think of an industry in the world where you such productivity and wealth gains as the tech industry."

Source SBS

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