Home > Tax breaks, not grants, would help advanced manufacturers: Cook Medical

Tax breaks, not grants, would help advanced manufacturers: Cook Medical

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Cook Medical has spoken of what it sees as a need for tax reform to encourage the development of Australian IP locally.

Barry Thomas, the Asia-Pacific director of Cook Medical, has said that claiming back company tax allowances on sales as a way of rewarding local patenting and manufacturing would be more effective than grants.

"We're calling for a hand-up rather than a handout," Thomas told AAP.

"So instead of grants, we're suggesting two per cent from product sales is deducted from your tax.

"It's really a reward for performance rather than a tax break."

Cook has previously suggested tax incentives as a way to boost export-oriented high-technology manufacturing, and to reverse a trend of this leavingAustralia. This came after the former federal government announced its Plan For Australian Jobs policy.

The CEO of AusBioTech , Glenn Cross, said that the new government had been interested in proposals, which also included decreased regulations to reduce time to market for high-tech manufacturers.

"We want to transform the Australian economy and transform it into high value manufacturing," Cross told AAP.

"It's not just about the biotech industry, it's all manufacturing."

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