THE NEWS WRAP: GST to apply to Netflix and other online goods and services

Next week’s federal budget will seek to impose the GST on Netflix, according to Fairfax.

The change, which will likely see the price of a Netflix subscription jump by 10%, will also apply to other online services and downloadable goods – including music, videos and software.

Earlier this year Assistant Treasurer Josh Frydenberg signalled his interest in reviewing the goods and services tax earlier this year.

“It is not fair to taxpayers, or to retailers or their many employees, to exempt overseas online retailers from the GST even if some consumers are enjoying the ride,” he told Private Media at the time.

The Abbott government’s second budget will be handed down on Tuesday.

Chinese drone startup raises $US75 million

A Chinese startup specialising in selling commercial and recreational drones has raised $US75 million from Accel Partners.

“The investment, one of Accel’s largest single investments, is part of a broader effort between the two organizations to help DJI’s global expansion efforts,” DJI said in a statement to Reuters.

Accel Partners has previously backed companies such as Facebook, Dropbox and Etsy.

Oculus Rift VR headset to go on sale early next year

Facebook’s first virtual reality headset will go on sale early next year, according to The Guardian.

“Virtual reality is going to transform gaming, film, entertainment, communication, and much more,” the Oculus team said in a joint statement.

“If you’re interested in building a next-generation VR game or application, everything you need to start developing for the Rift is available at the Oculus Developer Center.”

Facebook bought Oculus VR in 2013 for more than $2 billion.

Overnight

The Dow Jones Industrial Average is down 86.22 points, falling 0.48% to 17,841.98. The Aussie dollar is currently trading at around 79.7 US cents.