Dr Annabella Newton Alexis Keating
elected Councillor of
shortlisted in Lawyers
The Institute of Patent Weekly 30 Under 30
and Trade Mark
We are delighted to announce that
Associate, Alexis Keating,
Attorneys of Australia POF
has been shortlisted as a finalist
Inspire June 2021
We’re very pleased to announce
that POF Senior Associate,
Dr Annabella Newton, has been
elected to the role of Councillor
within The Institute of Patent
and Trade Mark Attorneys
(IPTA) of Australia.

4 The results of the election were announced at the
IPTA Annual Conference in Darwin, which took place
from 26 to 28 May 2021.

Annabella has extensive in-house experience as a patent
attorney, as well as many years’ research experience
having worked in academia, industry and for CSIRO.

She has always been involved in the wider scientific
community, and is a strong advocate for diversity and
inclusion within the STEMM sector and the patent
attorney profession. We’re looking forward to what
Annabella will bring to the council in this new role.

Congratulations Bella!
in the Lawyers Weekly 30 Under
30 2021 for Intellectual Property.

The finalist list features over 280 high-achieving legal
professionals across 30 submission-based categories.

The Lawyers Weekly 30 Under 30 recognises and
rewards the young rising stars within the legal industry
aged 30 and under who excel in their chosen field and
display key leadership qualities such as dedication,
professionalism and eagerness to grow both themselves
and their firm. Alexis provides advice across the full
scope of IP rights, with a particular focus on trade marks
and brand protection. She has consistently displayed
excellence in her work which has been recognised in
other awards, such as the IPTA Trade Mark prize in 2020.




Australian innovators
big winners under Patent
Box scheme announced
in the Federal Budget
Under the federal budget handed down on in May,
the government will launch a patent box scheme
targeted at the medical and biotechnology sector.

Under the patent box, income
derived from eligible patents will
be taxed at a concessional rate of
17%, a reduction of 8% for SMEs
and 13% for large businesses.

At this stage, the scheme will
apply to income derived from
Australian-owned and developed
medical and biotechnology patents
applied for after Tuesday’s budget
announcement. The Treasurer,
Mr Frydenberg stated:
“Under the patent box, income
earned from new patents that have
been developed in Australia will
be taxed at a concessional 17 per
cent rate — almost half the rate
that applies to large companies.”
The aim of the patent box is to
encourage businesses to retain
or locate the development,
manufacture and exploitation
of patents locally. The Federal
Government budget papers stating
that the requirement for Australian
development will “encourage
additional investment and hiring in
research and development activity
and encourage companies to
develop and apply their innovations
in Australia.”
Precise details are yet to be
announced, but it is understood
that the reduced tax rate is only
applicable to that income derived
directly from eligible patents,
possibly excluding income derived
from manufacturing or branding.

The proportion of income included
will also be affected by how much
of the research and development is
undertaken in Australia.

While the scheme clearly applies
to companies located in Australia
holding an eligible patent, it is unclear
how the scheme will apply to patents
held by companies located elsewhere,
but where an Australian based
company has an exclusive licence
to exploit the patent or has real and
substantial rights to the patentable
technology in the territory. It is also
unclear at this stage whether the
scheme will include income to the
Australian based company derived
from related overseas patents where
an eligible patent is held in Australia.

The government has indicated that
it will follow the OECD’s guidelines
on patent boxes to ensure the patent
box meets internationally accepted
standards and that it will engage in
consultation with industry before
the July 2022 launch in relation to
the detailed design. The government
will also consider whether a patent
box would be an effective way of
supporting the clean energy sector.

Patent Box schemes are already in
place in many European countries and
the innovation sector has advocated
for a similar scheme in Australia for
many years on the basis that it is vital
to attract companies to invest and
maintain that investment in Australia.

The 2021-22 budget announcement
looks to be a strong recognition by
the government on the importance of
science and technology innovation to
drive Australia’s economic recovery,
post-COVID and beyond.

In other positive developments for
the Australian innovation community,
the Budget also includes a $124.1
million investment in Artificial
Intelligence (AI) over the next six
years. This investment includes a
National Artificial Intelligence Centre
led by Phillips Ormonde Fitzpatrick
client CSIRO’s Data 61 and $35.7
million for emerging aviation
technologies, including drones.

Under the patent box,
income earned from
new patents developed
in Australia will be
taxed at almost
half the rate that
applies to large
companies. Phillips Ormonde Fitzpatrick can
assist and support clients wishing
to take part in the government
consultation on the patent box
scheme once open, in particular,
to ensure that the ownership
and eligibility requirements of
the scheme properly reflect the
Australian innovation sector.

Businesses wishing to keep
informed or get involved
in the consultation process
are encouraged to contact:
Alyssa Telfer
Principal, MedTech
alyssa.telfer@pof.com.au Mark Wickham
Principal, Biotechnology
mark.wickham@pof.com.au Scott Whitmore
Principal, Biotechnology
scott.whitmore@pof.com.au David Longmuir
Principal, Enforcement
david.longmuir@pof.com.au David Longmuir | Principal
BSc(Hons) LLB(Hons) LLM FIPTA
david.longmuir@pof.com.au Inspire June 2021
The scheme, to be launched
from 1 July 2022, should further
encourage the commercialisation
of medical and biotech innovations
in Australia.

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