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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 405 - Above-average special professional income of authors, inventors, performing artists, production associates and sportspersons  

Subdivision 405-B - Assessable professional income  

SECTION 405-20  What you count as assessable professional income  

 ITAA 36

405-20(1)  

Work out your assessable professional income for an income year by adding up all your assessable income for the income year that you count under this Subdivision.

Note 1:

Section 405-30 may stop you counting an amount.

Note 2:

Subsection 405-35(1) stops you counting an amount more than once, even if it is described in more than one subsection of this section.

Note 3:

Subsection 405-35(2) may affect the amount you count.

Assessable income from professional services

405-20(2)  

You count any assessable income that you *derive as a reward for providing services relating to your activities as a *special professional.

Assessable income from prizes

405-20(3)  

You also count any assessable income that you *derive as a prize for your activities as a *special professional.

Assessable income from promotions and commentary

405-20(4)  

You also count any assessable income that you *derive, because you are or were a *special professional, for:


(a) endorsing or promoting goods or services; or


(b) appearing or participating in an advertisement; or


(c) appearing or participating in an interview; or


(d) providing services as a commentator; or


(e) providing similar services.

Assessable income from assigning copyright or granting a licence

405-20(5)  

You also count any assessable income that you *derive:


(a) as consideration for:


(i) assigning all or part of the copyright in a literary, dramatic, musical or artistic work of which you are the author; or

(ii) granting an interest in the copyright in such a work by granting a licence; or


(b) as an advance on account of royalties relating to such a copyright.

Assessable income from assigning or granting patent rights

405-20(6)  

You also count any assessable income that you *derive:


(a) as consideration for:


(i) assigning all or part of the patent for an invention that you invented; or

(ii) granting an interest in the patent for such an invention by granting a licence; or

(iii) assigning the right to apply for a patent for such an invention; or


(b) as an advance on account of royalties relating to such a patent.

Other assessable income from works or inventions

405-20(7)  

You also count any assessable income that you *derive (as *royalties or otherwise):


(a) for a literary, dramatic, musical or artistic work of which you are the author; or


(b) in relation to copyright in such a work; or


(c) for an invention that you invented; or


(d) in relation to a patent for such an invention.


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
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