Bill
Treasury Laws Amendment (Tax Concession for Australian Medical Innovations) Bill 2022
lapsed, as at 2022-04-11. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2022-02-10
- second reading — 2022-02-10
- other — 2022-04-11
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2022-02-10.
The bill would create a patent box regime that taxes income from medical and biotechnology patents at a lower rate.
Corporate taxpayers that meet eligibility criteria would pay a 17 per cent effective income tax rate on income from eligible patents, provided they do the research and development in Australia.
The regime applies to patents granted after 11 May 2021 for income years starting on or after 1 July 2022.
- Introduces a patent box regime for medical and biotechnology patents.
- Applies a 17 per cent effective income tax rate to eligible patent income.
- Requires the taxpayer to undertake the research and development of the patent in Australia.
Corporate taxpayers that exploit medical or biotechnology patents and meet the eligibility criteria.
Sources
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