Australia’s “patent box” bill enters parliament but may run out of time before election
Legislation to introduce Australia’s “patent box” tax break for medical and biotech innovations is before federal parliament but may not be passed before the expected election in May.
Following industry calls, the bill now includes all patents granted or issued after 11 May 2021, the date of the budget last year in which the initiative was announced. This means it can be applied to patents filed before the budget announcement, effectively bringing its real start date forward. It also now covers patents issued in some other jurisdictions.
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