Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 394.25

  (1)   This section applies if:

  (a)   you hold a * forestry interest in a * forestry managed investment scheme as an * initial participant in the scheme; and

  (b)   at least one of these conditions is satisfied:

  (i)   you can deduct or have deducted an amount for an income year under section   394 - 10 in relation to the forestry interest;

  (ii)   the condition in subparagraph   (i) would be satisfied if subsection   394 - 10(5) were disregarded; and

  (c)   a * CGT event happens in relation to the forestry interest, other than a CGT event that happens in respect of thinning.

  (2)   Your assessable income for the income year in which the * CGT event happens includes:

  (a)   if, as a result of the CGT event, you no longer hold the * forestry interest--the * market value of the forestry interest (worked out as at the time of the event); or

  (b)   otherwise--the decrease (if any) in the market value of the forestry interest as a result of the CGT event.

  (3)   Any amount that you actually receive because of the * CGT event is not included in your assessable income (nor is it * exempt income).