The country’s innovation giants say tax breaks for profits generated on local intellectual property will nurture high-value, local jobs and foster new companies, despite Australia still offering significantly weaker incentives than countries such as Britain and Singapore.
Australia joins 24 other countries with patent box schemes, which offer lower tax rates on profits generated from local intellectual property.
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Yolanda Redrup is the editor of the AFR Rich List. She previously reported on technology, healthcare and Street Talk. Connect with Yolanda on Twitter. Email Yolanda at yolanda.redrup@afr.com
