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INCOME TAX ASSESSMENT ACT 1997 - SECT 394.15 Forestry managed investment schemes and related concepts

INCOME TAX ASSESSMENT ACT 1997 - SECT 394.15

Forestry managed investment schemes and related concepts

  (1)   A * scheme is a forestry managed investment scheme if the purpose of the scheme is for establishing and tending trees for felling in Australia.

  (2)   The entity that manages, arranges or promotes a * forestry managed investment scheme is the forestry manager of the scheme.

  (3)   A forestry interest in a * forestry managed investment scheme is a right to benefits produced by the scheme (whether the right is actual, prospective or contingent and whether it is enforceable or not).

  (4)   An entity that holds a * forestry interest in a * forestry managed investment scheme (other than the * forestry manager of the scheme) is a participant in the scheme.

  (5)   A * participant in a * forestry managed investment scheme holds a * forestry interest in the scheme as an initial participant if:

  (a)   the participant obtains the forestry interest from the * forestry manager of the scheme; and

  (b)   the payment by the participant to obtain the forestry interest results in the establishment of trees.

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