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.