Australia’s first Patent Box - how much can a business fit in it?

As outlined by Kelly Chong and Georgia King-Siem, only some types of patents will be eligible and further, the Bill will only apply to patents granted or issued after 11 May 2021.

The Federal Government introduced the Treasury Laws Amendment (Tax Concession for Australian Medical Innovations) Bill 2022 (Bill) into the House of Representatives on 10 February. The objective of the Bill is to stimulate business innovation in the field of therapeutic substances and devices by allowing profits attributable to eligible patents to be subject to a reduced corporate income tax rate of 17 percent from 1 July 2022. With very little parliamentary sitting time remaining before an...

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Authors: Kelly Chong, Georgia King-Siem

Published Date: 16 February 2022