Item 17 - Forestry managed investment scheme deductions

You'll need to complete item 50 label G if you included an amount at label D that's related to investment.

The partnership may be able to claim a deduction at label D for payments made to an FMIS, if the partnership:

• currently holds a forestry interest in an FMIS or has held a forestry interest in an FMIS during the current income year, and

• paid an amount to a forestry manager of an FMIS under a formal agreement.

The partnership can claim a deduction at label D only if the forestry manager has advised you that the FMIS satisfies the 70% direct forestry expenditure rule in Division 394 of the ITAA 1997.

Tax provides the Forestry managed investment scheme worksheet (fms) at this item. The worksheet calculates income at item 10 and deductions at this item. See Forestry managed investment scheme worksheet (fms).

Show at label D the total amount of deductible payments to an FMIS.