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Percentage and computation of qualifying intellectual property income subject to concessionary rate of tax

Income Tax (Concessionary Rate of Tax for Intellectual Property Income) Regulations 2021

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—(1) The percentage of qualifying intellectual property income derived by an approved company from each elected qualifying IPR in the part of a basis period for a year of assessment that falls within its tax relief period (called in these Regulations the subject basis period and subject year of assessment, respectively), to which the concessionary rate of tax in section 43X(5) of the Act applies, is determined in accordance with the formula specified in Part 1 of the Schedule.(2) Despite paragraph (1), where the subject basis period is a basis period specified in Division 1 or 2 of Part 2 of the Schedule, then the percentage mentioned in that paragraph is determined in accordance with the requirements of that Part.(3) In determining the income of the approved company subject to tax at a concessionary rate under section 43X of the Act, the Comptroller must have regard to —(a)any expenses, allowances and donations allowable under the Act as are, in the Comptroller’s opinion, to be deducted;(b)the manner and extent to which any losses arising from deriving the qualifying intellectual property income may be deducted under the Act; and(c)the allowances under sections 18C to 22 of the Act attributable to the qualifying intellectual property income, whether or not a claim for the allowances has been made.

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