AusBiotech leads new Australian Innovation and Manufacturing tax initiative

A new incentive spearheaded by AusBiotech has been launched to provide information on a new proposed tax policy measure to support Australian companies working in innovation sectors to commercialize and develop their concepts.

The Australian Innovation and Manufacturing (AIM) Incentive is led by AusBiotech and a collection of Australian organizations who manufacture and export their products globally. It includes the available information and a calculator to show how the incentive would work.

The AIM Incentive will provide an offset against the tax payable on profits derived from the innovation and manufacture in Australia of qualifying patented Australian intellectual property, with the incentive calculated on the qualifying IP profits generated by commercialization. Qualifying profit would be taxed at the lower rate of 10% with the standard corporate tax rate applied to other income.