On 1 April 2016, the Australian Treasury issued an exposure draft of the Tax and Superannuation Laws Amendment (2016 National Innovation and Science Agenda) Bill 2016 for public comment. The draft legislation would allow a taxpayer to choose between using the statutory effective life or self-assessing the effective life of the following intangible depreciating assets:
- A standard patent;
- An innovation patent;
- A petty patent;
- A registered design;
- A copyright (except copyright in film);
- A licen…