Tax Laws Amendment (2004 Measures No. 6) Act 2005 (23 of 2005)

Schedule 2   Copyright collecting societies

Income Tax Assessment Act 1997

6   After section 51-40

Insert:

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

(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.

(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.