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.




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