Document ID: chunk:federal_register_of_legislation:C2025C00029:section:14:p8
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 14 (pt 8/19)
Character Range: 5519968–5522760

amount under the scheme.
If you have already deducted it, your assessment may be amended to disallow the deduction.
 (5A) Paragraph (5)(b) does not apply to a *CGT event if:
 (a) the CGT event happens because of circumstances outside your control; and
Example: The forestry interest is compulsorily acquired.
 (b) when you acquired the *forestry interest, you could not reasonably have foreseen the CGT event happening.
 (6) Despite section 170 of the Income Tax Assessment Act 1936, the Commissioner may amend your assessment at any time within 2 years after the *CGT event, for the purpose of giving effect to subsection (5).
 (7) Sections 82KZMD and 82KZMF of the Income Tax Assessment Act 1936 do not affect the timing of a deduction under this section.

394‑15  Forestry managed investment schemes and related concepts
 (1) A *scheme is a forestry managed investment scheme if the purpose of the scheme is for establishing and tending trees for felling in Australia.
 (2) The entity that manages, arranges or promotes a *forestry managed investment scheme is the forestry manager of the scheme.
 (3) A forestry interest in a *forestry managed investment scheme is a right to benefits produced by the scheme (whether the right is actual, prospective or contingent and whether it is enforceable or not).
 (4) An entity that holds a *forestry interest in a *forestry managed investment scheme (other than the *forestry manager of the scheme) is a participant in the scheme.
 (5) A *participant in a *forestry managed investment scheme holds a *forestry interest in the scheme as an initial participant if:
 (a) the participant obtains the forestry interest from the *forestry manager of the scheme; and
 (b) the payment by the participant to obtain the forestry interest results in the establishment of trees.

394‑20  Payments on behalf of participant in forestry managed investment scheme
  For the purposes of this Division, treat a payment to the *forestry manager of a *forestry managed investment on behalf of a *participant in the scheme as a payment by the participant to the forestry manager.

394‑25  CGT event in relation to forestry interest in forestry managed investment scheme—initial participant
 (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