Australia introduces bill on 17% patent box for medical and biotech technologies

Executive summary

The Australian Government has introduced a Bill into Parliament proposing to introduce an optional 17% patent box regime (patent box) targeting medical and biotechnology patents, as announced in the 2021-22 Federal Budget (Treasury Laws Amendment (Tax Concession for Australian Medical Innovations) Bill 2022 - Bill here) to apply for income years commencing on or after 1 July 2022.

This Bill follows a July 2021 Discussion Paper, with no further public consultation on any exposure …