INCOME TAX ASSESSMENT ACT 1997 - SECT 15.20 Royalties

INCOME TAX ASSESSMENT ACT 1997 - SECT 15.20

  (1)   Your assessable income includes an amount that you receive as or by way of royalty within the ordinary meaning of "royalty" (disregarding the definition of royalty in subsection   995 - 1(1)) if the amount is not assessable as * ordinary income under section   6 - 5.

  (2)   Subsection   (1) does not apply to an amount of a payment to which section   15 - 22 or 15 - 23 applies.