Inventions???

[voodoo]

Hi,
I apologise that this is not a property investment question.

I am currently dealing with a company in the USA who are doing product design research on an idea i have submitted to them.
I am at the stage where i must out lay some money to keep the ball rolling.

My question is,
Is there any way that this is tax deductable or a business or do i just wear all the cost and hopefully get the returns if it is successful.

I look forward to any replies,
cheers,

 

[geoffw]

Sorry, I moved this into the coffee lounge, as it isn't property related.

But from my perspective- i could not answer at all. Only to say that any decision should not depend on whether it is deductible- only if it is viable.

 

[michaelg]

Hi,

I would contact a local BEC (Business Enterprise Center) and ask them.

I would ask about government grants, and about tax deductions for R&D.

I would look up the government innovation assistance.

Regards
Michael

 

[Ricardo29]

http://www.ato.gov.au/large/pathway.asp?pc=001/009/023&mfp=001/009&mnu=6155#001_009_023

perhaps this works. might be worth checking out.

 

[voodoo]

Thanks for the replies, I will check out the suggestions.
cheers

 

[crest133]

Was anyone in Australia interested in developing your idea ?
crest133

 

[voodoo]

Hi crest133,

I thought of an idea about 2 months ago and did not know how to develop it or who to approach. I did a search on the web and came across the following link, so I used there services.

http://www.davison54.com




cheers

 

[michaelg]

Hi,

Keep us posted about your progress, I have an idea or two myself and I would be interested to hear about the whole process.

Michael

 

[voodoo]

michaelg,
Try and do as much research and design on your ideas as possible before lodging them with Davison.
I thought of an idea, came across Davison54 and sent the idea that week. They contacted me within 2 weeks and lined up a half hour phone interview to get more details and find out more about me.
They have given me a week to send them sketches or drawings of my design, (which i was only thinking of, so I had to fast track everything) whilst they have sent out the confidentiality agreement with detailed explanation of the up coming process.
They are ringing me again on Monday to discuss my design and their contract, and if I agree, I must pay them $685US to do the following,
-product related data search
-Research and design patent search
-Disclosurd document filing

There is a long way to go but things have moved very fast and have been handled very professionally up to now.
I realise that I may never get anything out of this, but I can't stop now or I will never know.
If it succeeds the split is 90% to me and 10% to Davison,
I will keep you posted,
cheers

 

[ShaunW]

Please keep us informed Voodoo, I have a few ideas I would'nt mind exploring, and i'm interested if you have a good expereice with this Davison54 mob.
Tho US$685 looks very cheap.....

 

[voodoo]

Hi,
I have had a good read of the contracts and procedures and I will be speaking with davison on Monday at 7am.
I hate to say it but i think i will pass it up. The US$685 is for them to do a patent search and investigation to see what is out there, and they will send me a package of what they find.
When I sign up they are partners, but I am responsable for everything + cost, they only cover costs of presenting the product to a licensee.

If I'm responsibe and must wear the cost of refurbishing a virtual reality presentation, or prototype product sample and davison only present it to companies interested, then I dont think i need them to present it.
I will keep you informed of the outcome after Mondays phone link.

cheers,