Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS

Division 410 - Copyright and resale royalty collecting societies

History

Div 410 substituted by No 126 of 2009, s 3 and Sch 1 item 10, effective 9 June 2010, and applicable to the 2009/10 income year and later income years. Div 410 formerly read:

Division 410 - Copyright collecting societies

Guide to Division 410
SECTION 410-1 What this Division is about

This Division sets out rules that apply whenever a copyright collecting society to which section 51-43 applies makes a payment to a member of the society.

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History

S 410-1 inserted by No 23 of 2005.

Operative provision
SECTION 410-5 Copyright collecting society must give a notice to a member of the society
410-5(1)
This section applies to a ^* copyright collecting society to which section 51-43 applies.

410-5(2)
If the society makes a payment to a ^* member of the society, the society must give the member a notice, in writing, that states:

(a) the name of the society and the member; and

(b) the total amount of the payment; and

(c) the amount of the payment on which the directors of the society are or have been assessed, and are liable to pay tax, under section 98, 99 or 99A of the Income Tax Assessment Act 1936 ; and

(d) the amount of the payment that is to be included in the member ' s assessable income under section 15-22 of this Act.
Note 1:

Under section 288-75 in Schedule 1 to the Taxation Administration Act 1953 a society is liable to an administrative penalty for failing to give a notice required under this section.

Note 2:

The amount mentioned in paragraph (2)(c) is not included in the member ' s assessable income - see section 15-22 .

410-5(3)
The society must give the notice at the time of the payment.
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History

S 410-5 inserted by No 23 of 2005.

Div 410 inserted by No 23 of 2005.

Subdivision 410-A - Notice of payments

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SECTION 410-5 Copyright collecting society must give notice to member of society

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410-5(1)
A *copyright collecting society must give a *member of the society notice of any payment it makes to the member, if section 51-43 applies to the society.

410-5(2)
The society must give the notice at the time of the payment.

410-5(3)
The notice must be in the *approved form.

Note:

Under section 288-75 in Schedule 1 to the Taxation Administration Act 1953 a society is liable to an administrative penalty for failing to give a notice required under this section.

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