Tax Laws Amendment (2007 Measures No. 3) Act 2007 (79 of 2007)
Schedule 8 Forestry managed investment schemes
Part 2 Other amendments
Income Tax Assessment Act 1936
7 After subsection 262A(2)
(2AAA) Subsection (1) applies to a participant in a forestry managed investment scheme in relation to the scheme even if the participant is not carrying on a business in relation to the scheme.
(2AAB) Subsection (2AAC) applies to the forestry manager of a forestry managed investment scheme if:
(a) the forestry manager (or an associate of the forestry manager) receives an amount under the scheme; and
(b) the amount is included in the forestry managers (or the associates) assessable income under section 15-46 of the Income Tax Assessment Act 1997.
(2AAC) The records to be kept under subsection (1) by the forestry manager include records about the basis on which the scheme satisfies the requirement in paragraph 394-10(1)(c) of the Income Tax Assessment Act 1997 (the 70% DFE rule).