Document ID: chunk:federal_register_of_legislation:C2009A00126:clause:1_8
Version: federal_register_of_legislation:C2009A00126
Segment Type: clause
Provision Reference: sch 1 cl 8
Character Range: 3991–5980

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 the Income 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 the Income 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.