http://www.economist.com/news/science-and-technology/21649448-patent-records-reveal-way-inventions-are-made-has-changed-over
27 August 2015
21 August 2015
11 August 2015
Research and Development Tax Incentives for the Australian Biotechnology Sector
As most businesses close another financial year and finalise their accounts and tax returns, it is a great time to consider the tax offsets and refunds available.
If your company has spent money on research and development activities during the year, then your company might be eligible for a Research and Development Tax Incentive.
The Research and Development Tax Incentive is a self-assessment program that is designed to encourage companies to actively engage in research and development. It provides:
• 45% refundable tax offset for eligible entities with an aggregated annual turnover of less than $20 million; or
• 40% non-refundable tax offset for all other eligible entities.
Do you know what your company can claim?
We have listed below some examples of the activities that, in certain circumstances, might qualify:
• Literature and knowledge review
• Testing and trialling beyond the laboratory
• Field trials e.g. testing whether results obtained in a controlled laboratory environment could be replicated in an uncontrolled environment
• Clinical trials conducted outside of Australia
• Manufacturing activities conducted within and outside of Australia
• Phase IV clinical trials e.g. testing the interaction of the developed drug with an existing commercial drug
• Production line and processing
The Australian Government has released specific guidance to the Biotechnology sector in terms of identifying and describing eligible research and development activities. The guidance also provides detailed case studies and describes the contemporaneous documentation required to substantiate a Research and Development Tax Incentive claim.
Please click on the link below to access this guidance:
http://www.business.gov.au/grants-and-assistance/innovation-rd/RD-TaxIncentive/Eligibility/Documents/BiotechnologySectorialGuide.pdf
If you would like to know more and if you would like assistance in preparing your Research and Development claim, then please contact Claire Thompson of thomoce on 0407 133 991.
by Claire Thompson of thomoce
If your company has spent money on research and development activities during the year, then your company might be eligible for a Research and Development Tax Incentive.
The Research and Development Tax Incentive is a self-assessment program that is designed to encourage companies to actively engage in research and development. It provides:
• 45% refundable tax offset for eligible entities with an aggregated annual turnover of less than $20 million; or
• 40% non-refundable tax offset for all other eligible entities.
Do you know what your company can claim?
We have listed below some examples of the activities that, in certain circumstances, might qualify:
• Literature and knowledge review
• Testing and trialling beyond the laboratory
• Field trials e.g. testing whether results obtained in a controlled laboratory environment could be replicated in an uncontrolled environment
• Clinical trials conducted outside of Australia
• Manufacturing activities conducted within and outside of Australia
• Phase IV clinical trials e.g. testing the interaction of the developed drug with an existing commercial drug
• Production line and processing
The Australian Government has released specific guidance to the Biotechnology sector in terms of identifying and describing eligible research and development activities. The guidance also provides detailed case studies and describes the contemporaneous documentation required to substantiate a Research and Development Tax Incentive claim.
Please click on the link below to access this guidance:
http://www.business.gov.au/grants-and-assistance/innovation-rd/RD-TaxIncentive/Eligibility/Documents/BiotechnologySectorialGuide.pdf
If you would like to know more and if you would like assistance in preparing your Research and Development claim, then please contact Claire Thompson of thomoce on 0407 133 991.
by Claire Thompson of thomoce
07 August 2015
The End for Innovation Patents?
In a previous blog entitled “The Economic Impact of Innovation Patents”, posted on 11 June 2015, we reported on the IP Australia investigation into the “economic value” of innovation patents. See:
http://frankehyland.blogspot.com.au/2015/06/the-economic-impact-of-innovation.html
This report concluded that “the innovation patent is not fulfilling its policy goal of providing an incentive for Australian SMEs to innovate, and the evidence shows a reduced likelihood of patenting after participating in the innovation patent system”. We have some concerns about the methodology and statistical rigour of this investigation. However, it was considered persuasive by ACIP, the advisory body for IP Australia policy, which concluded that based on the apparent evidence of a lack of economic benefit, the Innovation Patent should be abolished.
IP Australia has recently released a consultation paper specifically mooting abolition of the innovation patent system, see:
http://www.ipaustralia.gov.au/about-us/public-consultations/Consultation-on-the-ACIP-recommendation-on-the-innovation-patent-system/
.
The Paper seeks views from interested stakeholders on:
• ACIP’s revised recommendation; and
• Any alternate suggestions to encourage innovation amongst small to medium enterprises (SMEs).
Whilst we are of the view that the Innovation Patent requires changes, we think that it would be a dreadful mistake to throw out the entire system, just as the Australian innovation community has become accustomed to it and is starting to use it as a component of a targeted IP strategy. Industries such as food technology and building products are important areas for using such a second tier patent system.
Innovation Patents enable users to obtain fast, targeted and enforceable protection for smaller inventions. If the intention of policy is to encourage innovation, it seems counter-intuitive to remove a form of IP, particularly one suited to ‘entry level’ innovators.
We will be making submissions in support of the Innovation Patent system. If anyone has examples or case studies illustrating their value, we would be delighted to hear from you.
Submissions on IP Australia’s Consultation Paper close on 28 September 2015
http://frankehyland.blogspot.com.au/2015/06/the-economic-impact-of-innovation.html
This report concluded that “the innovation patent is not fulfilling its policy goal of providing an incentive for Australian SMEs to innovate, and the evidence shows a reduced likelihood of patenting after participating in the innovation patent system”. We have some concerns about the methodology and statistical rigour of this investigation. However, it was considered persuasive by ACIP, the advisory body for IP Australia policy, which concluded that based on the apparent evidence of a lack of economic benefit, the Innovation Patent should be abolished.
IP Australia has recently released a consultation paper specifically mooting abolition of the innovation patent system, see:
http://www.ipaustralia.gov.au/about-us/public-consultations/Consultation-on-the-ACIP-recommendation-on-the-innovation-patent-system/
.
The Paper seeks views from interested stakeholders on:
• ACIP’s revised recommendation; and
• Any alternate suggestions to encourage innovation amongst small to medium enterprises (SMEs).
Whilst we are of the view that the Innovation Patent requires changes, we think that it would be a dreadful mistake to throw out the entire system, just as the Australian innovation community has become accustomed to it and is starting to use it as a component of a targeted IP strategy. Industries such as food technology and building products are important areas for using such a second tier patent system.
Innovation Patents enable users to obtain fast, targeted and enforceable protection for smaller inventions. If the intention of policy is to encourage innovation, it seems counter-intuitive to remove a form of IP, particularly one suited to ‘entry level’ innovators.
We will be making submissions in support of the Innovation Patent system. If anyone has examples or case studies illustrating their value, we would be delighted to hear from you.
Submissions on IP Australia’s Consultation Paper close on 28 September 2015
04 August 2015
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