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 394-5   STATEMENTS ABOUT INITIAL CONTRIBUTIONS TO SCHEME  

394-5(1)  
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.

Note:

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.

Note:

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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