Document ID: chunk:federal_register_of_legislation:C2010C00603:clause:2_6
Version: federal_register_of_legislation:C2010C00603
Segment Type: clause
Provision Reference: sch 2 cl 6
Character Range: 76760–77526

6  After section 51‑40
Insert:

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.