TAXATION ADMINISTRATION ACT 1953
Note: See section 3AA .Chapter 5 - Administration
The *forestry manager of a *forestry managed investment scheme must give the Commissioner a statement in relation to the scheme if:
(a) the scheme satisfies the requirement in paragraph 394-10(1)(c) of the Income Tax Assessment Act 1997 (the *70% DFE rule); and
(b) the forestry manager (or an *associate of the forestry manager) receives an amount under the scheme that is included in the forestry manager ' s (or the associate ' s) assessable income under section 15-46 of that Act; and
(c) that amount is the amount that is first paid under the scheme by a *participant in the scheme.
Section 286-75 provides an administrative penalty for breach of this subsection.394-5(2)
A statement under subsection (1) must be in the *approved form. 394-5(3)
The statement must be given to the Commissioner within 3 months after the end of the income year in which the *forestry manager (or the *associate) receives the amount.
Section 388-55 allows the Commissioner to defer the time for giving an approved form.394-5(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 (or the *associate);
(c) information relating to the amounts paid or payable under the scheme by *participants in the scheme. 394-5(5)
Subsection (4) does not limit the information that the *approved form may require the statement to contain.
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