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  • U1 and U2 Forestry managed investment scheme expense



    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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    Did the SMSF incur expenses for a forestry managed investment scheme (FMIS)?


    Leave U1 and U2 blank. Go to L1 and L2.


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    Write at U1 and U2, as required, the amount of forestry managed investment scheme expenses that the SMSF incurred in 2016–17.

    Deductible forestry managed investment scheme expenses

    Write at U1 the total amount of deductible payments made under an FMIS.

    Do not include at U1 payments (or any part of such payments) that relate to earning:

    You can read more about calculating deductible FMIS payments at Forestry managed investment schemes.

    If the SMSF pays an income stream (pension) to a member, refer to How are expenses treated when an SMSF has ECPI? before you claim a deduction for the SMSF's FMIS expenses.

    Non-deductible forestry managed investment scheme expenses

    Write at U2 the total amount of payments made under an FMIS that are not deductible The SMSF cannot claim a deduction for certain excluded payments. For more information see Forestry managed investment schemes.

    The SMSF cannot claim a deduction for payments if the income from the FMIS is exempt income, such as exempt current pension income.

    For information on the SMSF's eligibility to claim deductions, if the SMSF incurred expenses to do with a collapsed agribusiness managed investment scheme, then see Collapse and restructure of agribusiness managed investment schemes – participant information.

    Last modified: 25 Mar 2021QC 51269