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INCOME TAX ASSESSMENT ACT 1997 - SECT 15.46

Amounts paid under forestry managed investment schemes

  (1)   Your assessable income includes an amount you receive under a * forestry managed investment scheme if:

  (a)   you are the * forestry manager of the scheme, or an * associate of the forestry manager; and

  (b)   the entity that paid the amount can deduct or has deducted the amount under section   394 - 10 in relation to the scheme (disregarding subsection   394 - 10(5)).

The amount is included for the income year for which the entity that paid the amount can or has claimed a deduction for it (disregarding subsection   394 - 10(5)).

  (2)   No part of an amount included under subsection   (1) is included in your assessable income for a later income year.


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