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  

View history reference

 View history note

 Hide history note

History

Div 394 inserted by No 79 of 2007 , s 3 and Sch 8 item 2, applicable to amounts paid by a participant under a forestry managed investment scheme on or after 1 July 2007. However, the amendment does not apply if any other amounts were paid by the participant or any other participant under the scheme before 1 July 2007.

SECTION 394-5  

394-5   Object of this Division  

View history reference

The object of this Division is to encourage the expansion of commercial plantation forestry in Australia through the establishment and tending of new plantations for felling. This is achieved by:

(a) permitting investors to deduct amounts paid under a forestry scheme in the year of payment, if certain conditions are met (for example, that it is reasonable to expect that the manager of the scheme will spend at least 70% of investors' contributions, on a market value basis, on activities that establish, tend, fell and harvest trees); and

(b) allowing secondary market trading of interests in such schemes, while minimising tax arbitrage and providing tax certainty for investors.

 View history note

 Hide history note

History

S 394-5 inserted by No 79 of 2007 , s 3 and Sch 8 item 2, applicable to amounts paid by a participant under a forestry managed investment scheme on or after 1 July 2007. However, the amendment does not apply if any other amounts were paid by the participant or any other participant under the scheme before 1 July 2007.

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.