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  • myTax 2019 Forestry managed investment scheme deductions

    Complete this section if you made payments to a forestry managed investment scheme (FMIS).

    On this page:

    Essentials

    Attention

    Warning:

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

    End of attention

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

    You are an initial participant in an FMIS if you meet the following conditions:

    • you obtained your forestry interest in the FMIS from the forestry manager of the scheme
    • your payment to obtain the forestry interest in an FMIS results in the establishment of trees.

    You are a subsequent participant if you are not an initial participant.

    A forestry manager of an FMIS is the entity that manages, arranges or promotes the FMIS.

    You may be able to claim a deduction at this section for payments made to an FMIS if you:

    • currently hold a forestry interest in an FMIS, or held a forestry interest in an FMIS during the income year, and
    • have paid an amount to a forestry manager of an FMIS under a formal agreement.

    You can only claim a deduction at this section if the forestry manager has advised you that the FMIS satisfies the 70% direct forestry expenditure rule in Division 394 of the Income Tax Assessment Act 1997.

    If you are an initial participant, you cannot claim a deduction if you disposed of your forestry interest in an FMIS within four years after the end of the income year in which you first made a payment.

    However, the deduction will be allowed if the disposal occurred because of circumstances outside your control, provided you could not have reasonably foreseen the disposal happening when you acquired the interest. Disposals that would generally be outside your control include compulsory acquisition, insolvency of you or the scheme manager, or cancellation of the interest due to fire, flood or drought.

    For more information, see:

    If you are a subsequent participant, you cannot claim a deduction for the amount paid for acquiring your interest. You can only claim a deduction for your ongoing payments.

    Completing this section

    1. For each FMIS deduction, select Add.
    2. Work through the remaining steps to calculate your FMIS deduction amount.
    3. If you are:  
    4. Enter the amount of your deductible payments to Amount in myTax.
    5. Select Save.
    6. Select Save and continue.
      Last modified: 26 Jun 2019QC 58765