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ABC Rural

Tax cuts encouraged for bio-industries growth

Thursday, 30/11/2006

There is a push in the Northern Territory for tax breaks to encourage the growth of bio-industries, which convert plant and animal materials into commercial products.

Pharmaceutical companies are using bush tucker like the Indigenous plum gubinge because it is the world's richest natural source of vitamin C.

Dr Anna Lavelle of Australia's Biotechnology Organisation says the Territory Government needs to find ways to help investors.

"People often want to invest in biotechnology but not at their own expense. One of the things that I'm going to be looking at in the next 12 months along with governments is to say, well what can we do to encourage investors?" Dr Lavelle said.

"(In the UK) where small start up companies can transfer their losses to investors, who then can use that as a tax deduction, so they are getting an immediate tax deduction. But also, in the long term, the hope is, they will be rewarded for being an investor as well."

2006 ABC


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