Document ID: chunk:federal_register_of_legislation:C2004A00961:clause:1_3
Version: federal_register_of_legislation:C2004A00961
Segment Type: clause
Provision Reference: sch 1 cl 3
Character Range: 4004–4647

3  At the end of Division 15
Add:

15‑45  Amounts paid under forestry agreements

 (1) Your assessable income includes an amount you receive under an agreement for the planting and tending of trees for felling if:
 (a) you are the manager of the agreement as mentioned in section 82KZMG of the Income Tax Assessment Act 1936; and
 (b) the amount satisfies, for the entity that paid it, the requirements of that section.
The amount is included for the income year in which the entity can claim a deduction for the amount.

 (2) No part of an amount included under subsection (1) is included in your assessable income for a later income year.