Document ID: chunk:federal_register_of_legislation:C2007A00079:clause:8_82kzmga
Version: federal_register_of_legislation:C2007A00079
Segment Type: clause
Provision Reference: sch 8 cl 82KZMGA
Character Range: 46550–47257

82KZMGA  Deductions for certain forestry expenditure

 (1) A taxpayer cannot deduct expenditure in relation to which the requirements in section 82KZMG are met if:
 (a) the taxpayer holds the taxpayer's interest in the agreement mentioned in section 82KZMG as an initial participant in the agreement; and
 (b) a CGT event happens in relation to that interest within 4 years after the end of the year of income in which the taxpayer first incurred expenditure under the agreement.

 (2) Despite section 170, the Commissioner may amend the taxpayer's assessment at any time within 2 years after the end of the year of income in which the CGT event happens, for the purpose of giving effect to this section.