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ARTICLE · 23 FEBRUARY 2022

Unpacking The Proposed "Patent Box" Reforms

Davies Collison Cave
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On 10 February 2022, the Federal Government introduced the Treasury Laws Amendment (Tax Concession for Australian Medical Innovations) Bill 2022 to the House of Representatives.

AustraliaIntellectual Property
Timothy Creek
Timothy Creek
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On 10 February 2022, the Federal Government introduced the Treasury Laws Amendment (Tax Concession for Australian Medical Innovations) Bill 2022 (Bill) to the House of Representatives. The Bill implements the "patent box" reforms announced in the Federal Government's 2021-22 budget, which seek to encourage innovation and commercialisation of patented inventions in the biotechnology and pharmaceutical industries in Australia by providing tax concessions for income derived from those inventions.

1. Who is eligible for the concession?

The concession will be available to "R&D Entities" being corporations:

  • incorporated under an Australian law;
  • incorporated under a foreign law but an Australian resident for income tax purposes; or

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