Long-awaited restoration in the tax treatment of employee share schemes (ESS) and the announcement that Australian manufacturers of medical devices will be able to register routine medical devices using certification from European bodies were amid the changes that AusBiotech has warmly welcomed when the Government yesterday released its Industry Innovation and Competitiveness Agenda.
CEO of AusBiotech, Dr Anna Lavelle, said: “Both are changes that AusBiotech has been advocating for many years and we are reassured to see the Government is listening to industry’s views about how to give Australian technology start-ups a fair go and for home-grown technology to be more internationally competitive.”
“The reversal of the ESS, altered in 2009, and the ability for Australian companies to rely on regulatory processes undertaken by European notified bodies are big wins for common sense.”
“Australian companies have for many years been frustrated by an inability to incentivise innovation employees with shares and options, and separately by a need to repeat expensive regulatory processes that do not increase safety but instead results in delays and unnecessary cost,” said Dr Lavelle.
AusBiotech was also pleased to see biotechnology at the core of our country’s promising sectors with three of eight relevant (‘medical technologies and pharmaceuticals’, ‘food and agribusiness’ and ‘advanced manufacturing’) and recognised as growth sectors with competitive strength.
AusBiotech looks forward to further details on the plan to establish five Industry Growth Centres, three of which relate to biotechnology. AusBiotech also welcomes the focus on the Government’s $9.2 billion annual investment in research to get a better commercial return, in particular, strengthening IP and improving tax and research funding arrangements to deliver incentives for the translation of our research and for collaboration with industry, and the establishment of the Commonwealth Science Council.
AusBiotech is hopeful that these steps are followed by further actions to support innovation, entrepreneurship and translation of research and looks forward to the Tax White Paper, which it is hoped will include a tax incentive for Australian innovation and manufacturing to be internationally competitive.
-ENDS-
Media enquiries: Lorraine Chiroiu, AusBiotech Communications Manager
lchiroiu@ausbiotech.org, P: +61 (0) 3 9828 1414/M: +61 (0) 429 801 118
Help employers find you! Check out all the jobs and post your resume.
