Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION

PART 2-15 - NON-ASSESSABLE INCOME

View history reference

View history note

Division 51 - Exempt amounts

View history reference

View history note

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

View history reference

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) *royalties, and interest on royalties, collected or *derived by the society in an income year;

(b) any other amounts, relating to copyright, 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.

View history note

History

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.

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.