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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.



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