New incentives to encourage investment
14 May 2021
On 14 May 2021, the Australian Government introduced new tax, research and development, and innovation incentives to attract talented individuals and exceptional businesses to Australia. In its Budget 2021–22 Statement, the Government committed to the following programs:
(i) A new Global Talent visa and Temporary Activity visa,
(ii) New business investment incentives, including the implementation of the Corporate Collective Investment Vehicle regime; and more efficient licensing regime for foreign financial service providers,
(iii) Providing certainty around tax on large investments, and
(iv) Innovation incentives, including a patent box to encourage investment in Australian medical and biotech technologies, which reduces taxes on income from innovative research to encourage businesses to undertake their R&D in Australia and keep patents, and a Digital Games Tax Offset, which provides a 30% refundable tax rebate to encourage international businesses to develop digital games in Australia.
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Type:
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Promotion and facilitation (Investment facilitation , Investment incentives)
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Industry:
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Not industry specific
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Services (Scientific research and development, Human health activities, Arts, entertainment and recreation)
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Sources:
