Australia to introduce tax incentives to encourage startup investment

Australian Prime Minister Malcolm Turnbull announces his new federal cabinet during a media conference at Parliament House in Canberra, Australia, in this September 20, 2015 file photo. Turnbull on February 8, 2016 ruled out a rise in the Goods and Services Tax (GST) under pressure from within his own party, further raising the possibility that he may dissolve parliament and call a snap election. REUTERS/David Gray/Files

SYDNEY: Australia's Prime Minister Malcolm Turnbull said his government will this week introduce legislation to stimulate greater investment in startups – as Australia looks to transition its economy away from a slowing mining sector. 

Australia has proposed amended tax laws that would allow retail investors a 20% income tax rebate, capped at US$200,000 (RM823,660) per year on any startup investments, while a 10% tax rebate for venture capital investors in established startups wishing to expand will also be permitted.