Forestry Managed Investment Scheme Income

A forestry interest in an FMIS (Forestry Managed Investment Scheme Income) may be a right to benefits produced by the scheme (whether the proper is actual, prospective or contingent and whether it’s enforceable or not).

You are an initial participant in an FMIS if you meet the following conditions:

  • you obtained your forestry interest in the FMIS from the forestry manager of the scheme
  • your payment to obtain the forestry interest in an FMIS results in the establishment of trees.

You are a subsequent participant if you are not an initial participant.

A forestry manager of an FMIS (Forestry Managed Investment Scheme Income) is the entity that manages, arranges or promotes the FMIS.

Your total forestry scheme deductions is consider as the total of each amount that you can deduct for each income year of your forestry interest. Forestry interest is different from Capital gains tax (CGT) event. This includes, a sale of all or part of a forestry interest or harvest proceeds.

You can only claim a deduction at this item if the forestry manager has advised you that the FMIS satisfies the 70% direct forestry expenditure rule in Division 394 of the Income Tax Assessment Act 1997.

If you are an initial participant, you cannot claim a deduction if you disposed of your forestry interest in an FMIS (Forestry Managed Investment Scheme Income) within four years after the end of the income year in which you first made a payment.

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Goods and Services Tax (GST)

GST is a broad-based tax of 10% on the majority goods, services and other items sold or consumed in Australia.

Generally, businesses and other organizations registered for GST will:

  • include GST in the cost they charge for their goods and services
  • claim credits for the GST included in the price of goods and services they buy for their business.

What you need to do for GST

If you run a business or other enterprise and have a GST turnover of $75,000 or more ($150,000 or more for non-profit organizations) or you provide taxi travel – you need to:

  • register for GST
  • work out whether your sales are taxable (that is, subject to GST, and not exempted because they are GST-free or input-taxed) and include GST in the price of your taxable sales
  • issue tax invoices for your taxable sales and obtain tax invoices for your business purchases
  • claim GST credits for GST included in the price of your business purchases
  • account for GST on either a cash or non-cash basis and put aside the GST you have collect so you can pay it to us when due
  • lodge activity statements or annual returns to account your sales and purchases, and pay GST to us or accept a GST refund.

You must register for GST if:

  • your business or enterprise has a GST turnover (gross income minus GST) of $75 000 or more
  • your non-profit organization has a GST turnover of $150 000 per year or more
  • you provide taxi or limousine travel for passengers in exchange for a fare as part of your business, regardless of your GST turnover – this applies to both landlord drivers and if you lease or rent a taxi
  • you want to maintain fuel tax credits for your business or enterprise.

If your business or enterprise doesn’t fit into one of the above categories, registering for GST is possible However, if you choose to register, you usually must stay registered for at least 12 months.

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Illegal Super Schemes – Beware of Offers to Withdraw Your Super Early

Have you ever been offered help to withdraw your superannuation early? Generally, you cannot access your super until you retire.

Some people promoting illegal super schemes will tell you that they can help you access your super now to pay off credit card debt, buy a house or car, or go on holiday.

These schemes are illegal. They will cost you a lot more than the super you access and may get you into a lot of trouble.

How illegal super schemes operate

Illegal super schemes usually involve someone offering to help you access your super early.

Promoters of illegal super schemes usually:

Illegal super schemes often target people who are under financial pressure or who do not understand the super laws.

Taking your super out from any super fund early without meeting what is called a ‘condition of release’, or encouraging others to do so, is illegal.

Illegal super schemes may lead to identity theft

If you participate in one of these schemes, you may become a victim of identity theft. Identity theft happens when someone uses your personal details to commit fraud or other crimes.

Once your identity has been stolen and misused, it can take years to fix.

Rollovers to an SMSF

Most illegal super schemes require you to transfer your super from your super fund into an SMSF. This can be called a ‘rollover’.

Printed copies of this information are available from (/publications)

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Income Tax Rates 2017

Personal income tax changes

What are the proposed changes?

Table 1 shows both the current and proposed personal income tax rates for Australian tax residents.

Table 1: Current and proposed personal marginal income tax rates, $p.a.
CurrentFrom 1 July 2016
Taxable Income Rate %Taxable IncomeRate %
180,001 and over45180,001 and over45


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Inheriting Property – Tax Refund On Spot

When someone dies, a capital gain or loss is usually disregarded when a property passes:

  • to the deceased person’s executor or other legal individual representative
  • to the deceased person’s beneficiary –- such as next of kin or a person named in the will
  • From the deceased person’s legal personal representative to a recipient.

But this exception doesn’t apply if the property passes from the deceased to a tax-advantaged entity (such as a charity) or foreign resident.

If you take over a dwelling or other property after CGT started on 20 September 1985 and later sell or otherwise dispose of it, capital gains tax may then apply.

Similarly, capital gains tax may apply if the deceased person’s legal personal representative sells a property as division of winding up their estate.

What happens to assets when the owner dies

When a person dies, the assets that make up their estate can:

  • pass directly to a beneficiary (or beneficiaries), or
  • pass directly to their legal personal representative (for example, their executor) who may arrange of the assets or pass them to the beneficiary, or beneficiaries.

beneficiary is a person allowed to assets of a deceased estate. They can be named as a beneficiary in a will or they can be entitled to the assets as a result of the laws of intestacy (when a person dies without having made a will).

legal personal representative can be either:

  • the executor of a deceased estate (that is, a person appointed to wind up the estate in accordance with the will)
  • an administrator appointed to wind up the estate if the person does not leave a will.

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