Tax Laws Amendment (2007 Measures No. 3) Act 2007 (79 of 2007)

Schedule 8   Forestry managed investment schemes

Part 2   Other amendments

Income Tax Assessment Act 1997

15   After section 15-45

Insert:

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.