Patent box, Treasurey

On 11 May 2021, the Australian Government announced that it will introduce a patent box for eligible corporate income associated with new patents in the medical and biotechnology sectors. The patent box will apply to companies for income years commencing on or after 1 July 2022.

‘Patent box’ is a generic term for regimes that apply a concessional tax treatment to profits derived from eligible intellectual property (IP). Currently, over 20 jurisdictions, including the UK, Singapore and many European countries have patent boxes or other regimes that offer concessional tax treatments to IP derived profits.

The aim of the Government’s policy is to encourage companies to base their medical and biotechnology research and development (R&D) operations, and commercialise innovation, in Australia and to retain associated patent profits in Australia.

The objective of this discussion paper is to inform the Government’s consideration of the detailed design of the patent box announced in the 2021‑22 Budget.

The discussion paper references the OECD/G20 Forum on Harmful Tax Practice’s (FHTP) framework governing IP regimes, including the OECD’s Base Erosion and Profit Sharing (BEPS) Action 5 minimum standard. Pages 23‑36 of this OECD report may assist you with understanding the framework.

The closing date for submissions is 16 Augutst 2021.

 

Implementing a reporting regime for sharing economy platform providers, Treasury

The Government announced it would introduce a third-party reporting regime for the sharing economy in the 2019-20 Mid-Year Economic and Fiscal Outlook.

The reporting regime will require operators of electronic platforms within the sharing economy to report identification and payment information regarding participating sellers to the ATO for data matching purposes.

It is intended that the reporting regime will apply to transactions that relate to the supply of:

  • Ride-sourcing and short-term accommodation from 1 July 2022
  • Asset sharing, food delivery, tasking-based services and other services (except for transactions where only the title or ownership of goods or real property are exchanged, and relating to financial supplies) from 1 July 2023.

Feedback from stakeholders is sought on the attached Exposure Draft legislation.

The closing date for submissions is 2 August 2021.

 

Review of the Disability Support Pension (DSP) Impairment Tables, Department of Social Services

The Social Security (Tables for the Assessment of Work-related Impairment for Disability Support Pension) Determination 2011 (the Impairment Tables) will expire on 1 April 2022.

The Impairment Tables are used to determine eligibility for the DSP by assessing how a person’s functional impairment affects their ability to work.

Prior to a new legislative instrument being implemented by 1 April 2022, a review of the Impairment Tables is being conducted.

The department will be seeking the views of stakeholders including people with disability, advocacy and welfare groups, disability peak bodies, and members of the public to inform the development of the new Impairment Tables.

The opportunity to provide comments and input to the review process is available to all interested Peak Body and stakeholder groups, medical and allied health professional groups and individuals.

The issues paper provides background to the review and the scope of the review.

The current Impairment Tables can be viewed at Federal Register of Legislation – Australian Government.

The closing date for submissions is 31 July 2021.

 

Purpose, intent and adequacy of the Disability Support Pension, Community Affairs References Committee (Senate)

On 13 May 2021, the Senate referred an inquiry into the purpose, intent and adequacy of the Disability Support Pension to the Senate Community Affairs References Committee for inquiry and report by 30 November 2021.

The purpose, intent and adequacy of the Disability Support Pension (DSP), with specific reference to:

  1. the purpose of the DSP;
  2. the DSP eligibility criteria, assessment and determination, including the need for health assessments and medical evidence and the right to review and appeal;
  3. the impact of geography, age and other characteristics on the number of people receiving the DSP;
  4. the impact of the DSP on a disabled person’s ability to find long term, sustainable and appropriate, employment within the open labour market;
  5. the capacity of the DSP to support persons with disabilities, chronic conditions and ill health, including its capacity to facilitate and support labour market participation where appropriate;
  6. discrimination within the labour market and its impact on employment, unemployment and underemployment of persons with disabilities and their support networks;
  7. the adequacy of the DSP and whether it allows people to maintain an acceptable standard of living in line with community expectations;
  8. the appropriateness of current arrangements for supporting disabled people experiencing insecure employment, inconsistent employment, precarious hours in the workforce; and inequitable workplace practices;
  9. the economic benefits of improved income support payments and supports for persons with disabilities, their immediate households and broader support services and networks;
  10. the relative merits of alternative investments in other programs to improve the standard of living of persons with disabilities; and
  11. any related matters.

The closing date for submissions has been extended to 9 July 2021.

 

Social Services Legislation Amendment (Consistent Waiting Periods for New Migrants) Bill 2021, Community Affairs References Committee (Senate)

On 24 June 2021, the Senate referred the Social Services Legislation Amendment (Consistent Waiting Periods for New Migrants) Bill 2021 to the Senate Community Affairs Legislation Committee for inquiry and report.

Submissions are sought by 26 July 2021. The reporting date is 14 September 2021.

 

Coronavirus Economic Response Package Amendment (Ending Jobkeeper Profiteering) Bill 2021, Economics Legislation Committee (Senate)

On 24 June 2021, the Senate referred the Coronavirus Economic Response Package Amendment (Ending Jobkeeper Profiteering) Bill 2021 to the Senate Economics Legislation Committee for inquiry and report by 20 August 2021.

The closing date for submissions is 9 July 2021.

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