Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 394 - Forestry managed investment schemes  

SECTION 394-15   Forestry managed investment schemes and related concepts  

394-15(1)    
A *scheme is a forestry managed investment scheme if the purpose of the scheme is for establishing and tending trees for felling in Australia.

394-15(2)    
The entity that manages, arranges or promotes a *forestry managed investment scheme is the forestry manager of the scheme.

394-15(3)    
A forestry interest in a *forestry managed investment scheme is a right to benefits produced by the scheme (whether the right is actual, prospective or contingent and whether it is enforceable or not).

394-15(4)    
An entity that holds a *forestry interest in a *forestry managed investment scheme (other than the *forestry manager of the scheme) is a participant in the scheme.

394-15(5)    
A *participant in a *forestry managed investment scheme holds a *forestry interest in the scheme as an initial participant if:

(a) the participant obtains the forestry interest from the *forestry manager of the scheme; and

(b) the payment by the participant to obtain the forestry interest results in the establishment of trees.