Reporting resales under $1,000 no longer required

The Minister for the Arts announced today some changes to the artists’ resale royalty scheme to simplify reporting of resales to Copyright Agency.

Copyright Agency was appointed to manage the scheme, which commenced in June 2010. The scheme has since generated more than $500,000 in royalties from over 3,000 resales that will benefit over 300 artists. There is more information about the scheme at www.resaleroyalty.org.au.

In response to requests from Copyright Agency and the sector, the Australian government has determined that resales under $1,000 no longer need to be reported. Resales under $1,000 do not attract royalties, so this change will not affect artists’ income, however, it will reduce the reporting requirements for art market professionals.

The changes enable the government to determine a reporting format, which will assist art market professionals streamline their reporting processes, and contribute to administrative efficiencies.

The Minister’s media release is available here.