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The country’s innovation giants say tax breaks for profits generated on local intellectual property will nurture high-value, local jobs and foster new companies, despite Australia still offering significantly weaker incentives than countries such as Britain and Singapore.
Australia joins 24 other countries with patent box schemes, which offer lower tax rates on profits generated from local intellectual property.
Cochlear boss Dig Howitt has been a major advocate for the establishment of a patent box.
Rhett Wyman
The introduction of a 17 per cent tax rate for locally developed biotechnology and medical innovations comes after a push from high-profile industry leaders such as Cochlear chief executive Dig Howitt, Planet Innovation CEO Stuart Elliot and Brandon Capital partner Chris Nave.