The Australian Innovation and Manufacturing (AIM) Incentive website has been launched to provide an information resource on an important proposed tax policy measure to support Australian companies working in the innovation sectors to commercialise and develop their innovations and ideas into reality.
The AIM Incentive has been spearheaded by AusBiotech and a collective of Australian organisations who manufacture and export their products and expertise across the globe. The new website (www.aimincentive.com.au) provides an important resource for supporters and those interested in knowing more. It includes the information brochure 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 (IP).
The AIM Incentive is calculated on the qualifying IP profits generated by commercialisation. Broadly, qualifying IP profit would be taxed at the lower rate (10%) with the standard corporate tax rate to be applied to other income
The AIM Incentive requires no upfront government outlay, and is designed to stem the flow of manufacturing off-shore whilst providing future jobs for Australians. It will be a competitive advantage for Australian innovators and manufacturers of patented products.
The introduction of the AIM Incentive would provide the optimal policy framework to increase the commercialisation of local innovation and rejuvenate manufacturing in Australia.
Australia is a country responsible for a number of ideas that have benefited people all over the globe. From the electronic pacemaker to the black box flight recorder Australia’s contribution to innovation is world renowned.
This success in innovation is linked to our traditional prowess in manufacturing. However, we are now at a crossroads where a need for policy intervention is required to protect the future of innovation and manufacturing.
For more information visit: www.aimincentive.com.au or contact AusBiotech’s Communications Manager, Lorraine Chiroiu (lchiroiu@ausbiotech.org, 03 9828 1414).