Tax Laws Amendment (2004 Measures No. 6) Act 2005 (23 of 2005)
Schedule 2 Copyright collecting societies
Income Tax Assessment Act 1997
6 After section 51-40
51-43 Income collected or derived by a copyright collecting society
(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.
(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.
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