Income Tax Assessment Act 1997



Division 51 - Exempt amounts  

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

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.

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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