Following the Federal Budget announcement in May 2021, the Government has now introduced legislation to create Australia's first Patent Box, and help Australian companies to commercialise medical and biotechnology innovation.
The Treasury Laws Amendment (Tax Concession for Australian Medical Innovation) Bill 2022 was introduced into the House of Respresentatives on 10 February 2022 ans seeks to implement an optional 17% patent box regime targeting medical and biotechnology patents applying to income years commencing on or after 1 July 2022. Read more