Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies to the * resale royalty 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) * resale royalties, and interest on resale royalties, collected or * derived by the society in an income year;
(b) any other amounts, relating to * resale royalty rights, 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.