none
none

Australian industry learns from UK experience

09-12-2014
by 
in 

UK tax incentives could hold the key to resuscitating suffering manufacturing and knowledge-based industries in Australia, according to an international tax specialist.

Addressing industry leaders in Sydney last week, Mr Julian Christmas outlined various tax initiatives available to start-ups and technology companies in the UK.

During the presentation Mr Christmas covered the UK’s patent box, R&D, Entrepreneur Investment and Seed Enterprise Incentive Schemes.

The event was held by UK Trade and Investment (UKTI) in conjunction with AusBiotech, Cook Medical Australia, the Export Council of Australia and the Medical Technology Association of Australia.

Each group supports the introduction of the Australian Innovation and Manufacturing (AIM) Incentive policy.

Speaking at the event, Susi Tegen, Chief Executive of the Medical Technology Association of Australia (MTAA) stressed the importance of monitoring international measures to ensure that Australia does not fall behind.

“To build an internationally competitive future for manufacturing in Australia we must be looking to alternative models – so hearing from experts like Mr Christmas is invaluable, she told guests. “The UK has found that the introduction of tax incentives, including the ‘patent box’, has helped to increase the appeal of investment in the UK and stimulate the economy.

“Australian manufacturing is in decline, but there is a serious opportunity in advanced manufacturing. I’m one of a number of industry leaders who believe a ‘patent box’ style tax incentive, the AIM Incentive could help to change this.

Ms Tegen said currently there are no incentive schemes to keep Australia investor friendly.

“It’s much harder to attract manufacturing back once it has gone offshore, which is why now is the time to act to ensure we do not continue to fall behind,” she said.

Related news & editorials

  1. 21.11.2017
    21.11.2017
    by      In
    Darcy Ewing of Kurrupt Kustoms in Albury NSW was running compressed air from a 6-year-old reciprocating piston-style compressor when (in his own words) it virtually “S*** itself!”.
    This left his high-end auto body and customisation shop in real trouble with a total shutdown of all essential... Read More
  2. 21.11.2017
    21.11.2017
    by      In
    If the recent upheavals in Australian manufacturing illustrate one truth, it is the absolute necessity for forward planning, and more to the point, the importance of planning for growth – regardless of a company’s existing size.
    While the ambition to grow a manufacturing operation is one thing,... Read More
  3. 21.11.2017
    21.11.2017
    by      In
    Blockchain technology was invented to make the world’s first crypto-currency, Bitcoin, possible. Traditional currencies rely on intermediaries like governments, banks and clearing houses to guarantee their value and process transactions. Bitcoin uses digital technologies to cut out these middlemen... Read More
  4. 21.11.2017
    21.11.2017
    by      In
    Australian Tank Engineering (ATE Tankers) has been engineering and manufacturing tankers in Australia for nearly two decades. But whereas most vehicle manufacturers have seen sales decline in recent years, ATE has elevated itself through the trend with a transformative mindset that has enabled the... Read More