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. 14.06.2019
    14.06.2019
    by      In
    Dr Jane Oppenheim, the Scientific and Operations Director of Ego Pharmaceuticals, has been presented the Clunies Ross Entrepreneur of the Year Award by the Australian Academy of Technology and Engineering, in recognition of her leadership and innovation.
    Oppenheim leads the research and development... Read More
  2. 14.06.2019
    14.06.2019
    by      In
    Cloud computing uses a network of remote servers hosted on the Internet to process and store data, rather than a personal computer or local server. Clouds may be limited to a single organisation (private or enterprise clouds), available to many organisations (public clouds) or a combination of both... Read More
  3. 13.06.2019
    13.06.2019
    by      In
    At a ceremony in Melbourne on 30th May, Standards Australia announced the winners of its 2019 Standards Awards, which recognise and reward members of the Australian standards development community who make a positive impact in Australia and internationally.
    The individuals and group honoured have... Read More
  4. 13.06.2019
    13.06.2019
    by      In
    Since 1978, Hallett Concrete has become Adelaide’s leading independent supplier servicing the domestic, commercial and industrial markets, specialising in supply to the technically demanding pre-cast market, for which South Australia is highly regarded.
    With six fixed concrete plants, two self-... Read More