Published on 13 Mar 09
by NATIONAL DIVISION, THE TAX INSTITUTE
Today, intangibles lurk below the surface of the basic financial statements of a business but often hold the real value. The tax treatment for owners, buyers and sellers can vary widely. You may think you’re selling “goodwill”, which will be completely free of tax because of the CGT concessions. What if the valuable asset is in fact copyright, which is not in the CGT regime? So it pays to explore and identify the true legal nature of intangibles and their commercial value, particularly in related party transactions or internal restructures.This paper covers:
- distinguishing intellectual property from other intangibles
- which intangibles hold the real value?
- intangibles covered by the CGT regime
- intangibles covered by the Div 40 UCA regime
- commercialising or selling: what should the contracts say?
Andrew is a Partner at Hall & Wilcox Lawyers and provides advice on the application of a wide range of taxation. He has substantial knowledge of taxation and commercial practice and advises his clients on income tax, capital gains tax, tax audits and reviews, fringe benefits tax, business structuring and transactions, liquidations and reconstructions, superannuation, retirement planning, business succession, estate planning, and philanthropy. Andrew advises accounting and legal firms on their clients’ affairs. He also draws clients from industry, commerce and high-net-worth private family groups. One of his main interests is advising private business owners on the transition of management and control of family businesses to the next generation. Andrew has been recognised in the The Best Lawyers in Australia in Tax Law every year since 2014 and is a leading tax lawyer in Victoria in Doyle's Guide to the Australian Legal Profession.
- Current at
12 November 2019