Although these measures are still yet to be legislated, the Government has announced further expansions to the patent box.
Expanding patent box regime to agricultural sector innovations
The Government will expand the patent box to the agriculture sector by extending eligible patents to include patents linked to:
- Eligible Plant Breeder’s Rights (PBRs);
- Agricultural and veterinary (agvet) chemical products listed on the Australian Pesticides and Veterinary Medicines Authority (APVMA); and
- Agvet chemical products listed on the PubCRIS (Public Chemicals Registration Information System) register
These measures will apply to patents granted or issued after 29 March 2022 and for income years starting on or after 1 July 2023.
Expanding patent box regime to low emissions technology innovations
As part of the Government’s target to achieve net zero emissions by 2050, the patent box will also be expanded to technologies that have the potential to lower emissions.
The patents must relate to “low emissions technology” as set out in the Government’s 2020 Technology and Investment Roadmap Discussion Paper or its 2021 Future Annual Low Emissions Technology Statements.
These measures will also apply to patents granted or issued after 29 March 2022 and for income years starting on or after 1 July 2023.