Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 5 - Administration  

PART 5-25 - RECORD-KEEPING AND OTHER OBLIGATIONS RELATING TO TAXPAYERS  

Division 394 - Reporting about forestry managed investment schemes  

SECTION 394-10   STATEMENTS ABOUT FAILURE TO ESTABLISH TREES WITHIN 18 MONTHS  

394-10(1)    
If:

(a) a * forestry managed investment scheme satisfies the requirement in paragraph 394-10(1)(c) of the Income Tax Assessment Act 1997 (the * 70% DFE rule); and

(b) the condition in subsection 394-10(4) of that Act is not satisfied in relation to the scheme;

the * forestry manager of the scheme must give the Commissioner a statement in relation to the reasons why that condition was not satisfied.

Note:

Section 286-75 provides an administrative penalty for breach of this subsection.

394-10(2)    
A statement under subsection (1) must be in the * approved form.

394-10(3)    
The statement must be given to the Commissioner within 3 months after the end of the 18 months mentioned in subsection 394-10(4) of the Income Tax Assessment Act 1997 .

Note:

Section 388-55 allows the Commissioner to defer the time for giving an approved form.

394-10(4)    
The * approved form may require the statement to contain the following information:

(a) the name of the scheme;

(b) information relating to the identity of the * forestry manager;

(c) information relating to the circumstances that gave rise to the condition not being satisfied.

394-10(5)    
Subsection (4) does not limit the information that the * approved form may require the statement to contain.