Media Release: 19 May 2021
Bennelong is the Innovation Capital of Australia. We are the home of many Australian organisations that are at the cutting edge of technological advancement. Bennelong is the home of wi-fi, the bionic ear and many other ground-breaking inventions.
The Federal Member for Bennelong John Alexander OAM MP welcomed the Federal Treasurer The Hon Josh Frydenberg MP to Bennelong’s Cochlear to showcase the incredible work Cochlear do, and to discuss the new ‘Patent Box’ federal policy that will encourage the research, development and commercialisation of new technologies in Australia.
Mr Alexander said: “Cochlear are the world leaders in the technological development of medical devices for the hearing impaired. This new Patent Box policy will encourage them to do even more research and development, which will be excellent for local jobs, and for Australia’s future economy.”
Mr Frydenberg said: “I’m excited to be in Bennelong, an innovation hub, to showcase the opportunities our Patent Box initiative will create.”
“Last year’s Budget included a substantial investment in R&D tax incentives. Under the Patent Box, income earned from new patents in the medical and biotech sector developed and registered in Australia, will be able to access a concessional tax rate of 17%, compared to the standard company tax rate for larger companies of 30%. The Patent Box will apply to the medical and biotech sectors, with consultation on expanding it to the clean energy sector to help secure Australia’s recovery,” Mr Frydenberg said.
The new policy will commence on 1 July next year.