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The sale of thinnings and harvested trees from a forestry managed investment scheme (FMIS) is a CGT event.
The fund is an initial participant in an FMIS if:
- the fund obtained its forestry interest in the FMIS from the forestry manager of the scheme, and
- the fund's payment to obtain the forestry interest in the FMIS results in the establishment of trees.
The fund is a subsequent participant if it is not an initial participant.
The forestry manager of an FMIS is the entity that manages, arranges or promotes the FMIS.
A forestry interest in an FMIS is a right to the benefits produced by the FMIS (whether the right is actual, prospective or contingent, and whether it is enforceable or not).
Print X in the appropriate box.
If you selected Yes, you must complete a Capital gains tax (CGT) schedule 2009 and attach it to the fund's tax return.
Last modified: 25 Nov 2009QC 21714