The patent box regime will apply from July 1 2022
In the Australian Federal Budget on May 11 2021 the Treasurer announced a patent box regime for Australia and on May 20 2021 the Australian Taxation Office (ATO) issued a Practical Compliance Guideline on ‘intangibles arrangements’.
Patent box regime
The regime will apply from July 1 2022 to income derived from Australian medical and biotech patents. The government also said it would consider extending the concession to ‘green’ technology patents, during consultation. The effect of the regime is that the income from such patents will be taxed at a concessional rate of 17%, rather than the standard corporate rate of 30%. The regime is designed to incentivise R&D activities in Australia and encourage companies to retain ownership of patents in Australia.
Court cases
CUB Australia Holding
Pty Ltd v FC of T
On February 2 2021, Moshinski J of the Federal Court of Australia handed down judgment in
CUB Australia Holding Pty Ltd v FC of T [2021] FCA 43. This was a dispute involving a formal statutory notice from the Australian Taxation Office (ATO) demanding certain information, and the application of legal professional privilege.
The ATO has been on record since 2018 with ‘concerns’ about whether legal professional privilege is being properly claimed in disputes. In particular, it refers to disputes with legal practitioners who operate in firms that are ‘multi-disciplinary’ or firms that also provide services other than legal services (see Attachment A to the ‘National Tax Liaison Group key messages November 30 2018’ minutes” where the ATO concerns are summarised).
Jock McCormack of DLA Piper takes a closer look at the Glencore appeal, the decision in La Mancha Group, and the key changes to the Australian Tax Office’s website.
VIAVI Joins ServiceNow Technology Partner Program
Partnership will deliver closed-loop assurance for communication service providers and enterprises
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SAN JOSE, Calif., Dec. 16, 2020 /PRNewswire/ Viavi Solutions Inc. (VIAVI) (NASDAQ: VIAV) today announced the company s acceptance into the ServiceNow Technology Partner Program. VIAVI will integrate its industry-leading monitoring and assurance capabilities into ServiceNow service management solutions for communication service providers and enterprises, across the 5G, broadband and cloud domains. Membership in the ServiceNow partner program authorizes VIAVI to access ServiceNow tools and resources, provide implementation solutions to ServiceNow customers, and accelerate service automation engagements.