Budget 2021: Patent Box – Tax concessions

The federal government has announced a $206 million “patent box” scheme to encourage medical and biotech investment. Income derived from medical and biotech patents that have been developed locally, will as of 1st July 2022 be taxed at a concessional rate of 17%. Only granted patents that were applied after 7.30pm on 11 May 2021 will be eligible.

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