Can Patent expenses be claimed under the Instant Asset Write off?

 Author: KylieATO(Community Support)Community Support

ATO Certified Response16 Feb 2021

Hi @n1231

A patent is an intellectual property.

Intellectual properties are specifically included as depreciating assets.

Therefore, the patent is eligible to be deducted under instant asset write off providing all other criteria are met.

Such as the business aggregated turnover, asset purchase date, date of first use or installed ready for use and cost of the asset.