Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 51.43

Income collected or derived by copyright collecting society

             (1)  This section applies to a * copyright collecting society if Division 6 of Part III of the Income Tax Assessment Act 1936 applies to the income of the society.

             (2)  The following are exempt from income tax:

                     (a)  * royalties, and interest on royalties, collected or * derived by the society in an income year;

                     (b)  any other amounts, relating to copyright, that are:

                              (i)  derived by the society in an income year; and

                             (ii)  prescribed by the regulations for the purposes of this paragraph;

                     (c)  other * ordinary income and * statutory income derived by the society in an income year, to the extent that it does not exceed the lesser of:

                              (i)  5% of the total amount of the * ordinary income and * statutory income collected and derived by the society in the income year; and

                             (ii)  $5 million or such other amount as is prescribed by the regulations for the purposes of this subparagraph.



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