Document ID: chunk:federal_register_of_legislation:C2007A00079:clause:8_2:p3
Version: federal_register_of_legislation:C2007A00079
Segment Type: clause
Provision Reference: sch 8 cl 2 (pt 3/7)
Character Range: 53572–56268

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 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).

394‑30  CGT event in relation to forestry interest in forestry managed investment scheme—subsequent participant

 (1) This section applies if:
 (a) you hold a *forestry interest in a *forestry managed investment scheme otherwise than 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) you could deduct an amount for an income year under section 394‑10 if you had paid the amount under the scheme in that year; 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 the lesser of the following:
 (a) the *market value of the forestry interest (worked out as at the time of the event);
 (b) the amount (if any) by which the *total forestry scheme