Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 394.25

CGT event in relation to forestry interest in forestry managed investment scheme--initial participant

             (1)  This section applies if:

                     (a)  you hold a * forestry interest in a * forestry managed investment scheme as an * initial participant in the scheme; and

                     (b)  at least one of these conditions is satisfied:

                              (i)  you can deduct or have deducted an amount for an income year under section 394-10 in relation to the forestry interest;

                             (ii)  the condition in subparagraph (i) would be satisfied if subsection 394-10(5) were disregarded; and

                     (c)  a * CGT event happens in relation to the forestry interest, other than a CGT event that happens in respect of thinning.

             (2)  Your assessable income for the income year in which the * CGT event happens includes:

                     (a)  if, as a result of the CGT event, you no longer hold the * forestry interest--the * market value of the forestry interest (worked out as at the time of the event); or

                     (b)  otherwise--the decrease (if any) in the market value of the forestry interest as a result of the CGT event.

             (3)  Any amount that you actually receive because of the * CGT event is not included in your assessable income (nor is it * exempt income).



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback