On July 5, 2021, the Australian Government launched a public consultation on a new patent box regime.
On May 11, 2021, 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 patent box will apply to companies for income years commencing on or after July 1, 2022.
The aim of the Government’s policy is to encourage companies to base their medical and biotechnology research and development (R&D) operations, and commercialize innovation, in Australia and to retain associated patent profits in Australia. The objective of this discussion paper is to inform the Government’s consideration of the detailed design of the patent box announced in the 2021‑22 Budget.
Comments must be received by August 16, 2021.
See Consultation Document