Income Tax Assessment Act 1997
CHAPTER 2
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LIABILITY RULES OF GENERAL APPLICATION
PART 2-1
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ASSESSABLE INCOME
Your assessable income includes an amount you receive under an agreement for the planting and tending of trees for felling if:
(a) you are the manager of the agreement as mentioned in section 82KZMG of the Income Tax Assessment Act 1936 ; and
(b) the amount satisfies, for the entity that paid it, the requirements of that section.
No part of an amount included under subsection (1) is included in your assessable income for a later income year.
Division 15
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Some items of assessable income
Operative provisions
SECTION 15-45
Amounts paid under forestry agreements
15-45(1)
Your assessable income includes an amount you receive under an agreement for the planting and tending of trees for felling if:
(a) you are the manager of the agreement as mentioned in section 82KZMG of the Income Tax Assessment Act 1936 ; and
(b) the amount satisfies, for the entity that paid it, the requirements of that section.
The amount is included for the income year in which the entity can claim a deduction for the amount.
15-45(2)No part of an amount included under subsection (1) is included in your assessable income for a later income year.
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