You must complete this form if:
- you are the forestry manager of a forestry MIS
- the scheme satisfies the 70 per cent Direct Forestry Expenditure (DFE) rule
- you (or an associate) have received an amount under the scheme that is included in your (or an associate's) assessable income (under section 15-46 of the Income Tax Assessment Act 1997), and
- that amount is the amount that is first paid under the scheme by a participant in the scheme.
The forestry manager or their tax agent must complete and lodge the initial contributions notification form (PDF, 374KB) within 3 months of the end of the relevant financial year (by 30 September). A penalty may apply if this form is not lodged on time.
Note: For the initial contributions notification form, the 'relevant financial year' is the income year in which the forestry manager (or an associate) receives the amount.
ABC Forestry Ltd., a forestry manager, receives its first amount from investors on 15 August 2007 as payment for fees in its forestry managed investment scheme (forestry MIS).
The 'relevant year of income' is 2007-08 and the initial contributions notification form must be completed and lodged by 30 September 2008.