A welcome initiative from the Govt here effectively reducing the tax payable to 17% for companies like Cleanspace regarding any new patents to their existing or new technology. Tax relief will begin July 22 for any new patented technology from May 11 2021 onwards. That’s a 13% lower tax bill. I’ll take that as I am sure Cleanspace will. They are incentivised to improve their already dominant technology into this evolving PPE landscape.
The Australian Newspaper Article
Patent Box Tex relief
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