Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-1 - ASSESSABLE INCOME  

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History

Pt 2-1 inserted by No 121 of 1997.

Division 15 - Some items of assessable income  

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History

Div 15 inserted by No 121 of 1997.

Operative provisions  

SECTION 15-45   Amounts paid under forestry agreements  

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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.

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History

S 15-45 inserted by No 26 of 2002, s 3 and Sch 1 item 3, applicable to expenditure incurred on or after 2 October 2001 and on or before 30 June 2006.

Act No 26 of 2002, s 3 and Sch 1 item 4 contained the following transitional provisions:

Transitional  
(1)
Section 15-45 of the Income Tax Assessment Act 1997 may apply differently for the manager of an agreement mentioned in section 82KZMG of the Income Tax Assessment Act 1936 if an entity can first claim a deduction in accordance with section 82KZMG for the 2001-02 or 2002-03 income year for an amount paid under the agreement.

(2)
The manager can choose to include in the managers assessable income for the income year in which the amount was paid one half of the amount that the manager would otherwise be required to include for that year under section 15-45 of the Income Tax Assessment Act 1997 , and to include one half of that amount for the following income year.

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