Tax Laws Amendment (Resale Royalty Right for Visual Artists) Act 2009 (126 of 2009)

Schedule 1   Resale royalty right for visual artists

Income Tax Assessment Act 1997

7   After section 15-22

Insert:

15-23 Payments of resale royalties by resale royalty collecting society

(1) This section, instead of Division 6 of Part III of theIncome Tax Assessment Act 1936, applies to a payment that the*resale royalty collecting society makes to you under section 26 of theResale Royalty Right for Visual Artists Act 2009.

(2) Your assessable income includes the amount of the payment, except to the extent that the payment represents an amount 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 theIncome Tax Assessment Act 1936.

Note: Section 410-50 of this Act requires the resale royalty collecting society to give you a notice at the time of payment.