TAXATION ADMINISTRATION ACT 1953
Note: See section 3AA .Chapter 5 - Administration
(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.
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 .
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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