Income tax : capital gains : time of acquisition of patent
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FOI status:May be releasedFOI number: I 1103497
A question has been raised as to the time at which a patent, that is granted as a result of research and other work done by a taxpayer, is acquired for the purposes of Part IIIA of the Income Tax Assessment Act.
2. Paragraph 160U(6)(b) provides that where an asset is created otherwise than pursuant to a contract under which the person created the asset for another person, the asset is taken to have been acquired at the time of commencement of the work that resulted in the creation of the asset.
COMMISSIONER OF TAXATION
14 July 1988
Capital Gains - Acquisition of patent