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  • X Forestry managed investment scheme income

    Did the SMSF earn income from a forestry managed investment scheme (FMIS)?

    No

    Leave X blank. Go to D1 and D.

    Yes

    Read on.

    Write at X the SMSF's income from all FMISs. The amount at X should not be reduced by any loss or outgoing related to the income.

    You can read more about calculating FMIS income at Appendix 2: Forestry managed investment schemes.

    If you include an amount at X that is exempt current pension income, include it also at Y Exempt current pension income.

    Do not include capital gains from an FMIS at X; include these capital gains when working out the SMSF's net capital gain to show at A Net capital gain.

    For more information on the CGT treatment of the SMSF’s forestry interests, see Capital gains tax.

    If the SMSF is a member of a collapsed agribusiness managed investment scheme, see Collapse and restructure of agribusiness managed investment schemes – participant information.

    Example: Forestry managed investment scheme income

    In 2018–19, SMSF X had an investment with an FMIS. SMSF X received a statement from the FMIS. The statement shows that SMSF X's share of income from the FMIS during 2018–19 was $10,000.

    SMSF X reports:

    X Forestry managed investment scheme income in section B $10,000

    Write the SMSF's share of any expenses at U1 or U2 Forestry managed investment scheme expenses in section C.

    End of example
    Last modified: 03 Oct 2019QC 58668