Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-1 - ASSESSABLE INCOME  

Division 15 - Some items of assessable income  

Operative provisions  

SECTION 15-45   Amounts paid under forestry agreements  

15-45(1)    
Your assessable income includes an amount you receive under an agreement for the planting and tending of trees for felling if:

(a) you are the manager of the agreement as mentioned in section 82KZMG of the Income Tax Assessment Act 1936 ; and

(b) the amount satisfies, for the entity that paid it, the requirements of that section.

The amount is included for the income year in which the entity can claim a deduction for the amount.

15-45(2)    
No part of an amount included under subsection (1) is included in your assessable income for a later income year.