Friday, February 18 2022   \  Published by SPRUSON & FERGUSON.

Australia's Patent Box One Step Closer: Bill Introduced Into Australian Parliament Share

Eligibility proposed for Australia’s patent box regime for Australian medical and biotechnology industries is now clear, following the introduction of the Treasury Laws Amendment (Tax Concession for Australian Medical Innovations) Bill 2022 to amend taxation legislation to Parliament. 

As discussed in our earlier articles Federal budget 2021: patent box regime announced for Australian medical and biotechnology patents and Australia’s new patent box: unboxed, the patent box regime was first announced in the 2021-2022 Federal Budget. It was intended to provide a tax break:  income derived from eligible patents was proposed to be taxed at a concessional corporate tax rate of 17%, rather than the standard corporate tax rate of 30%, or 25% for small and medium enterprises (SMEs). However, the specific workings of the regime were not settled at that time.  Read more


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