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 a *forestry managed investment scheme if:
(a) you are the *forestry manager of the scheme, or an *associate of the forestry manager; and
(b) the entity that paid the amount can deduct or has deducted the amount under section 394-10 in relation to the scheme (disregarding subsection 394-10(5) ).
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 15-46
Amounts paid under forestry managed investment schemes
15-46(1)
Your assessable income includes an amount you receive under a *forestry managed investment scheme if:
(a) you are the *forestry manager of the scheme, or an *associate of the forestry manager; and
(b) the entity that paid the amount can deduct or has deducted the amount under section 394-10 in relation to the scheme (disregarding subsection 394-10(5) ).
The amount is included for the income year for which the entity that paid the amount can or has claimed a deduction for it (disregarding subsection 394-10(5) ).
15-46(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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