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29 Oct 09 4 draft Determinations on forestry managed investment schemes

On 28 October 2009, the ATO released the following four draft Taxation Determinations on forestry managed investment schemes for public comment by 27 November 2009:

  • TD 2009/D13 Income tax: does a failure to plant trees intended to be established under a forestry scheme affect the timing of deductions for expenditure on seasonally dependent agronomic activities where s 8-1(1)(b) of ITAA 1997 and s 82KZMG of ITAA 1936 have previously been ruled to be satisfied?
  • TD 2009/D14 Income tax: does failure to plant all the trees intended to be established under a forestry managed investment scheme covered by Division 394 of ITAA 1997 mean that no deduction is allowable under Division 394 in respect of a participant's initial contribution to the scheme?
  • TD 2009/D15 Income tax: will a deduction remain allowable under s 394-10(1) of ITAA 1997 where a CGT event happens in relation to a participant's forestry interest in a forestry managed investment scheme within 4 years after the end of the income year in which the participant first pays an amount under the scheme (s 394-10(5) of that Act)?
  • TD 2009/D16 Income tax: will a deduction remain allowable under section 8-1 of ITAA 1997 where a CGT event happens in relation to a taxpayer's interest in a s 82KZMG of ITAA 1936 forestry managed investment scheme within 4 years after the end of the income year in which the taxpayer first incurred expenditure under the agreement?

 


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