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Australian Budget update: We’ve sweetened the deal for international businesses

Australia is the gold standard for business. We’re simplifying our tax and regulatory regimes and offering a great menu of incentives, offsets and investment.

How would you and your business benefit?

Research and development

Check out the new patent box for Australian medical and biotech technologies. Companies that patent medical and biotech research in Australia will pay 17% on earnings from those developments.

Tax

Great news for start-ups as employee share ownership schemes will be streamlined so that employees are no longer required to pay tax on these shares when they leave their employment.

The Australian Tax Office's concierge service will offer fast track and early advice to international investors about proposed translations or relocation to Australia. 

Taxpayers can now claim depreciation of certain intangible assets such as intellectual property, patents, registered designs, copyrights and in-house software. 

A new Corporate Collective Investment Vehicle will make it easier for Australian fund managers to manage foreign money. 

A new primary test will enable international citizens to be considered an Australian tax resident if they are physically present in Australia for a minimum of 183 days in a year.

We’re finalising arrangements to allow Australian fund managers to export their products, and make it easier for international financial services providers to set up here.

And there’ll be a 30% refundable tax offset for digital games developers who spend more than A$500,000. 

Data Sciences and Digital Technologies

We’re scaling up on our investment in the digital dimension. There are exceptional opportunities on offer as we:

  • build Australia’s capability in Artificial Intelligence with A$124.1 million in initiatives, including a National Artificial Intelligence Centre led by CSIRO Data 61, supported by a network of AI and Digital Capability Centres
  • support Australian businesses to partner with government to pilot projects for AI-based solutions to national challenges
  • Offer grants to support emerging aviation technologies like drones.
  • Strengthen the security of government, data centres and future telecommunications networks through a A$50 million injection to enhance cyber security.

Infrastructure

There’s an additional A$15 billion to boost Australian infrastructure projects over the next 10 years. There’s great opportunity in rail, road and community infrastructure projects across the country.

Resources 

Exploration companies will be able to generate tax credits by choosing to give up a portion of their losses from greenfields mineral exploration expenditure under the Junior Minerals Exploration Incentive (JMEI). We’re keen to support investment in small minerals exploration companies that carry out greenfields mineral exploration in Australia. 

Agrifood

Australian food and fibre is in demand worldwide. To meet this demand we want to lift farm gate output to $100 billion by 2030. So there’s new funding to:

  • build water infrastructure
  • enhance soil quality
  • manage pests and weeds
  • protect Australia from biosecurity risks
  • improve soil quality
  • prepare for future droughts
  • increase exports by diversifying and expanding export markets.

 

Find out more about Australia's business-friendly Budget