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Tech alert: Treasury consultation - concessional tax treatment for eligible income

15 Jul 2021 9:47 AM | Anonymous member (Administrator)

The Australian Government announced that it will introduce a 'patent box' for eligible corporate income associated with new patents in the medical and biotechnology sectors. The Treasury are seeking comment on the patent box consultation and interested parties are invited to comment on the issues raised in the associated discussion paper by 16 August 2021.

‘Patent box’ is a generic term for regimes that apply a concessional tax treatment to profits derived from eligible intellectual property (IP).

The patent box relates to eligible revenue derived from inventions that would fall within the scope of Australian standard patents (including where the invention is protected by foreign patents) and will apply to companies for income years commencing on or after 1 July 2022. Incentives include a concessional tax rate of 17% (reduced from 25% or 30% ) on eligible revenue. 

Please read today's technical alert for more information. 

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