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

8   Section 51-43

Repeal the section, substitute:

51-43 Income collected or derived by copyright collecting society

(1) This section applies to a*copyright collecting society if Division 6 of Part III of theIncome Tax Assessment Act 1936 applies to the income of the society.

(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.

51-45 Income collected or derived by resale royalty collecting society

(1) This section applies to the*resale royalty collecting society if Division 6 of Part III of theIncome Tax Assessment Act 1936 applies to the income of the society.

(2) The following are exempt from income tax:

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

(b) any other amounts, relating to *resale royalty rights, 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.