Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-15 - NON-ASSESSABLE INCOME  

Division 51 - Exempt amounts  

SECTION 51-45   Income collected or derived by resale royalty collecting society  

51-45(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.

51-45(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.