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

Schedule 2   Copyright collecting societies

Income Tax Assessment Act 1997

7   Section 405-50 (link note)

Repeal the link note, substitute:

Division 410 - Copyright collecting societies

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.

Table of sections

Operative provision

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

Operative provision

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

(1) This section applies to a *copyright collecting society to which section 51-43 applies.

(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.

(3) The society must give the notice at the time of the payment.