INCOME TAX ASSESSMENT ACT 1997 - SECT 15.46 Amounts paid under forestry managed investment schemes
INCOME TAX ASSESSMENT ACT 1997 - SECT 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.