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Intellectual property, goodwill and taxation paper

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Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

Published on 08 Nov 12 by NATIONAL DIVISION, THE TAX INSTITUTE

Intellectual property (IP) and goodwill are the life blood of a modern growing enterprise. Think of the business names, logos, and trademarks which are avidly protected by international corporations because they are the back bone of their enterprise value. It is easy to confuse the value of IP and goodwill when a business is sold. This paper identifies the essence of these assets and the taxation consequences which follow when dealing with them.

This paper covers:

  • identifying goodwill and distinguishing it from IP
  • the source of goodwill in intangible assets
  • structures for holding IP
  • interplay with R&D concessions
  • Capital gains tax issues: determining the appropriate cost base, termination value and the interaction with Div 40
  • goodwill licensing and franchisees’ goodwill (Just Jeans issues)
  • creation of IP outside of Australia (original copyright)
  • TR 2008/7 on royalty withholding tax and assignment of copyright.

Author profile

Domenic Carbone CTA
Domenic Carbone CTA Domenic has been a full-time lecturer primarily in taxation law since joining The University of Adelaide. He lectures tax courses at both undergraduate and graduate level, as well as business law in the University’s MBA Program. His background in taxation law extends beyond academia and includes experience in both the private and public sectors. Prior to his appointment as a lecturer, Domenic was a Tax Manager with a "Big 6" accounting firm where he was mainly involved in the tax consulting, tax audit and indirect tax areas. Domenic had previously worked for several years in the Australian Tax Office where he held a number of positions, including Legal Officer, Appeals and Review Officer and Personal Assistant to the Deputy Commissioner of Taxation. Academic Qualifications: • LLM (Commercial) • GDLP • LLB Professional Designations: • Chartered Tax Advisor (CTA) - Current at 25 August 2020
Click here to expand/collapse more articles by Domenic CARBONE.

 

This was presented at 20th National Tax Intensive Retreat: Expanding the Family Business .

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Workshop 2 questions and answers

Author(s):  David MARSCHKE

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Workshop 3 questions and answers

Author(s):  Michelle HARTMAN,  Kevin J MUNRO

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Intellectual property, goodwill and taxation

Author(s):  Domenic CARBONE

Materials from this session:

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