Intellectual property (IP) is an important asset in today’s knowledge economy, and should be strategically managed.
Increasingly, companies are realising that intangible assets are often more valuable than their physical assets.
Protecting and managing your IP is important and is often the difference between the success or failure of a business. So, it’s vital for practitioners to meaningfully engage in discussions with clients about the options available to them.
The following resources have been developed in consultation with IP Australia. IP Australia is the Australian Government agency that administers IP rights and legislation relating to patents, trade marks, designs, and plant breeder’s rights.
Intangible asset depreciation
The Australian Government provides businesses with an option to self-assess the tax effective life of acquired intangible assets that are currently fixed by statute. This option better aligns the tax treatment of the asset with the actual number of years the asset provides an economic benefit. The faster depreciation makes start-ups’ intellectual property a more attractive investment option.
For further information visit the Australian Government’s Innovation website.