The resale royalty payable is calculated at 5% of the “resale value” of the qualifying resale (section 16).
Section 10 says that “resale value” means: “the value of the consideration given for the visual artwork under the contract for resale” which may include:
- the amount paid in New Zealand dollars;
- the value of goods and/or services paid in kind;
- (if paid in another currency), the amount converted to NZD at the date of payment.
‘Resale value’ does not include:
- goods and services tax (GST; or
- duties, levies, or taxes (etc) under the Customs and Excise Act 2018; or
- “any costs associated with the resale, for example, a commission or a buyer’s premium”