On 13.4.2016, the ATO issued:
- CR 2016/21 – relating to the The Flinders University Academic Staff Early Retirement Scheme 2016 is an early retirement scheme for the purposes of section 83-180 (para 30) of the Income Tax Assessment Act 1997 (‘ITAA97‘); and
- CR 2016/22 – relating to the Flinders University Professional Staff Early Retirement Scheme 2016 is an early retirement scheme for the purposes of section 83-180 of the ITAA97 (para 30).
The ATO also PR 2016/3 – The TFS Indian Sandalwood Project 2016 Sophisticated Investor Offer Project is a ‘forestry managed investment scheme’ as defined in subsection 394-15(1) of the Income Tax Assessment Act 1997 (‘ITAA97‘). Its purpose is the establishment and tending of Sandalwood trees for felling in Australia.
The object of Div 394 is as set out in s394-1 of the ITAA36
394-1 This Division sets out rules about deductions for contributions to forestry managed investment schemes. It also sets out the tax treatment of proceeds from the sale of interests in such schemes, and of proceeds from harvesting trees under such schemes.
[TT] [LTN 69, 13/4/16]