Income Tax Assessment Act 1997

Pt 2-15 (heading) substituted by No 66 of 2003.

Pt 2-15 inserted by No 121 of 1997.

Div 51 inserted by No 121 of 1997.

S 51-43 substituted by No 126 of 2009, s 3 and Sch 1 item 8, effective 9 June 2010, and applicable to the 2009/10 income year and later income years.

No 126 of 2009, s 3 and Sch 1 item 9 contains the following transitional provision:

9 Transitional - regulations  
9(1)
Regulations:

(a) made for the purposes of paragraph (b) of the definition of copyright income in subsection 995-1(1) of the Income Tax Assessment Act 1997 ; and

(b) in force just before the commencement of this item;

have effect, from that commencement, as if they had been made for the purposes of paragraph 51-43(2)(b) of that Act, as substituted.

9(2)
Regulations:

(a) made for the purposes of subparagraph 51-43(2)(b)(ii) of the Income Tax Assessment Act 1997 ; and

(b) in force just before the commencement of this item;

have effect, from that commencement, as if they had been made for the purposes of subparagraph 51-43(2)(c)(ii) of that Act, as substituted.

S 51-43 formerly read:

SECTION 51-43 Income collected or derived by a copyright collecting society  
51-43(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.

51-43(2)
The following are exempt from income tax:

(a) *copyright income collected or *derived by the society in an income year;

(b) *non-copyright 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 copyright income and non-copyright 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.

S 51-43 inserted by No 23 of 2005, s 3 and Sch 2 item 6, applicable to copyright income, and non-copyright income, collected or derived by a copyright collecting society on or after 1 July 2002, unless the society has made an election in accordance with section 410-1 of the Income Tax (Transitional Provisions) Act 1997 . If the society has made an election, then from 1 July 2004, the amendment applies to all copyright income, and non-copyright income, collected or derived by the society on or after 1 July 2004.