#PolicyHack outcomes back AusBiotech Patent Box

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Minister for Industry, Innovation and Science, Christopher Pyne, and Assistant Minister for Innovation, Wyatt Roy, have released 10 outcomes from the recent innovation Policy Hack.

Mr Roy hosted the Policy Hack as an opportunity for industry to develop and pitch innovative solutions to some of Australia’s most pressing policy problems and help foster the growth of innovative industries.

Amongst the ten outcomes, participants backed an extension of the R&D tax incentive, measures to promote gender equality and policies to ensure the retention of intellectual property in Australia, including the adoption of a Patent Box system.

"Extend R&D Tax Incentive arrangements to established corporations who partner with innovative Australian startups," says the outcomes document.

The Government is currently considering the future of the R&D Tax Incentive and has so far failed to win political support to cut the level of the incentive by 1.5 per cent.

On intellectual property, the outcomes says Australia should follow international best-practice and introduce a Patents Box system to create and retain more innovative companies.

"This would allow us to retain innovative businesses in Australia, while attracting more innovative businesses from overseas. Because it would only apply to R&D done in Australia, it would boost research and development activity," it says.

The proposal reflects AusBiotech's support for the adoption of a patent box that would reward companies through the tax system for retaining commercialised intellectual property in Australia.

The Ten Outcomes of the Policy Hack

1. Make startup accelerators ‘Eligible Research Organisations’.

2. Bring innovation to disadvantaged communities through the NBN.

3. Boost female participation through the ‘Rockstar Initiative’.

4. Develop a Patents Box system to create and retain more innovative companies.

5. Use income tax and CGT incentives to boost investment in early stage ventures.

6. Move the ‘food bowl’ to incentivise and reward engagement and commercialisation

7. Engage startups in procurement process and make government data more open and adaptive.

8. Create startup ‘Landing Pads’ in key markets to help our startups succeed overseas.

9. Introduce ‘DICE Kids’ program by starting Lemonade Days in primary schools.

10. Adapt the New Enterprise Incentive Scheme to help founders in accelerators.