Substantial tax deductions for IP expenditure
As part of the Federal Government’s response to COVID-19, certain intellectual property expenses are now eligible for even greater and immediate tax deductions:
until 30 June 2020, expenses relating to patents, registered designs and copyright may be eligible for an immediate 100% deduction under the Instant Asset Write-off scheme (IAWO); and
until 30 June 2021, the above expenses may be eligible for an immediate 50% deduction under the Backing Business Investment scheme (if they are not eligible for the IAWO scheme).
In the meantime, to continue supporting the IP needs of Australian businesses during this period, we are providing our complimentary IP discussions remotely. Feel free to book a session with us using the button below: