INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 10B - Industrial property  

SECTION 124L   APPLICATION  

124L(1)    

(a) became the owner of the unit by reason:

(i) of being the inventor of an invention and being granted a patent for that invention;

(ii) of being the first owner of the copyright to which the unit relates; or

(iii) of being the author of the design to which the unit relates and obtaining the registration of that design,

and, before the unit came into existence, incurred expenditure of a capital nature directly in relation to devising the invention, producing the work or other subject-matter in which the copyright subsists or producing the design, as the case may be;

124L(2)   [Assignee]  

Where the owner of a unit of industrial property:

(a) became the owner of the unit by reason of being granted a patent for an invention as the assignee of the inventor or by reason of obtaining the registration of a design as the assignee of the author of the design; and

(b) incurred expenditure of a capital nature in obtaining the assignment,

he shall, for the purposes of this Division, be deemed to have incurred that expenditure on the purchase of the unit of industrial property.