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 394-25   CGT event in relation to forestry interest in forestry managed investment scheme - initial participant  

394-25(1)    
This section applies if:

(a) you hold a *forestry interest in a *forestry managed investment scheme as an *initial participant in the scheme; and

(b) at least one of these conditions is satisfied:

(i) you can deduct or have deducted an amount for an income year under section 394-10 in relation to the forestry interest;

(ii) the condition in subparagraph (i) would be satisfied if subsection 394-10(5) were disregarded; and

(c) a *CGT event happens in relation to the forestry interest, other than a CGT event that happens in respect of thinning.

394-25(2)    
Your assessable income for the income year in which the *CGT event happens includes:

(a) if, as a result of the CGT event, you no longer hold the *forestry interest - the *market value of the forestry interest (worked out as at the time of the event); or

(b) otherwise - the decrease (if any) in the market value of the forestry interest as a result of the CGT event.

394-25(3)    
Any amount that you actually receive because of the *CGT event is not included in your assessable income (nor is it *exempt income).