IP and taxes
The issue of IP and tax can be quite complicated. IP assets can impact on tax-related issues such as:
- income tax
- capital gains tax
- tax deductions
- depreciation
- trade mark taxation
- special tax write-offs
- withholding taxes - both local and international
- GST
- stamp duty
Many of the tax implications may not apply to your business. It is important to get professional advice early so you are clear of your tax responsibilities regarding IP.
Australia has adopted the International Financial Reporting Standards (IFRS). These standards have particular implications for reporting intangible assets, including IP.
Ultimately your commitment to your IP assets depends on how important they are to your business success. But don't forget, in planning for your business' growth, what might seem unimportant today might be worth millions of dollars to you in the future.
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Last Updated: 10/12/2012
