Business Finances - Expanded Patent Box Scheme

Expanding the Patent Box Scheme announced in the 2021-22 Budget to agricultural and low-emissions technology sectors

The Patent Box Scheme will be extended to companies working on innovations in the agricultural and low-emissions technology sectors. The Scheme will apply to patents linked to agricultural and veterinary chemical products listed on the APVMA, PubCRIS register, or eligible Plant Breeder's Rights. 

Income derived from eligible patents that have been developed in Australia in each sector will be taxed at a concessional rate of 17%, down from the current rate of 30% for large businesses and 25% for SMEs.

Likewise, the Scheme will apply the 17% concessional tax rate to profits generated by patents on low emissions technologies where the research and development took place in Australia.

This measure will be available to patents granted or issued after 29 March 2022 and for income years starting on or after 1 July 2023 for these two sectors.

Click HERE to download the report as a PDF or search links below to read on...

Personal Finances

• Cost of living relief: fuel excise cut and tax offset  
• Increasing the Medicare low-income thresholds

Business Finances

• COVID-19 tax concessions
• Boost to small businesses
• Expanded Patent Box Scheme
• Australia-UK Free Trade Agreement
• Tax audits and reviews
• Expanded Employee Share Schemes

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