Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 51.45

  (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.