Tax Laws Amendment (2007 Measures No. 3) Act 2007 (79 of 2007)
Schedule 8 Forestry managed investment schemes
Part 1 Main amendments
Taxation Administration Act 1953
3 At the end of Part 5-25 in Schedule 1
Add:
Division 394 - Reporting about forestry managed investment schemes
Guide to Division 394
394-1 What this Division is about
A forestry manager of a forestry managed investment scheme must give the Commissioner information about initial contributions by participants in the scheme. The forestry manager must also inform the Commissioner if the trees are not established under the scheme within 18 months of the first investment in the scheme.
Table of sections
394-5 Statements about initial contributions to scheme
394-10 Statements about failure to establish trees within 18 months
394-5 Statements about initial contributions to scheme
(1) The *forestry manager of a *forestry managed investment scheme must give the Commissioner a statement in relation to the scheme if:
(a) the scheme satisfies the requirement in paragraph 394-10(1)(c) of the Income Tax Assessment Act 1997 (the *70% DFE rule); and
(b) the forestry manager (or an *associate of the forestry manager) receives an amount under the scheme that is included in the forestry manager’s (or the associate’s) assessable income under section 15-46 of that Act; and
(c) that amount is the amount that is first paid under the scheme by a *participant in the scheme.
Note: Section 286-75 provides an administrative penalty for breach of this subsection.
(2) A statement under subsection (1) must be in the *approved form.
(3) The statement must be given to the Commissioner within 3 months after the end of the income year in which the *forestry manager (or the *associate) receives the amount.
Note: Section 388-55 allows the Commissioner to defer the time for giving an approved form.
(4) The *approved form may require the statement to contain the following information:
(a) the name of the scheme;
(b) information relating to the identity of the *forestry manager (or the *associate);
(c) information relating to the amounts paid or payable under the scheme by *participants in the scheme.
(5) Subsection (4) does not limit the information that the *approved form may require the statement to contain.
394-10 Statements about failure to establish trees within 18 months
(1) If:
(a) a *forestry managed investment scheme satisfies the requirement in paragraph 394-10(1)(c) of the Income Tax Assessment Act 1997 (the *70% DFE rule); and
(b) the condition in subsection 394-10(4) of that Act is not satisfied in relation to the scheme;
the *forestry manager of the scheme must give the Commissioner a statement in relation to the reasons why that condition was not satisfied.
Note: Section 286-75 provides an administrative penalty for breach of this subsection.
(2) A statement under subsection (1) must be in the *approved form.
(3) The statement must be given to the Commissioner within 3 months after the end of the 18 months mentioned in subsection 394-10(4) of the Income Tax Assessment Act 1997.
Note: Section 388-55 allows the Commissioner to defer the time for giving an approved form.
(4) The *approved form may require the statement to contain the following information:
(a) the name of the scheme;
(b) information relating to the identity of the *forestry manager;
(c) information relating to the circumstances that gave rise to the condition not being satisfied.
(5) Subsection (4) does not limit the information that the *approved form may require the statement to contain.