Tax Laws Amendment (Resale Royalty Right for Visual Artists) Act 2009 (126 of 2009)

Schedule 1   Resale royalty right for visual artists

Taxation Administration Act 1953

19   Section 288-75 in Schedule 1

Repeal the section, substitute:

288-75 Administrative penalty for a copyright or resale royalty collecting society

(1) A *copyright collecting society is liable to an administrative penalty of 20 penalty units if the society fails to give a notice as required by section 410-5 of the Income Tax Assessment Act 1997.

(2) The *resale royalty collecting society is liable to an administrative penalty of 20 penalty units if the society fails to give a notice as required by section 410-50 of the Income Tax Assessment Act 1997.

Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.