Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION

PART 2-15 - NON-ASSESSABLE INCOME

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Division 51 - Exempt amounts

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

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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.

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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.