Explanatory Memorandum
Circulated By the Authority of the Treasurer, the Hon Wayne Swan MpGeneral outline and financial impact
Resale royalty right for visual artists
This Bill amends the Income Tax Assessment Act 1997 to provide a streamlined tax treatment for payments made in relation to resale royalty rights for visual artists. This Bill also makes several minor amendments to simplify the tax treatment for payments made by copyright collecting societies.
Date of effect: These amendments apply to the 2009-10 income year and later income years.
Proposal announced: These amendments were included in the Updated Economic and Fiscal Outlook 2008-09, released by the Treasurer and the Minister for Finance and Deregulation on 9 February 2009.
Financial impact: The revenue impact of this measure is unquantifiable.
Compliance cost impact: Low.