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Tuesday, 28 August 2001
Page: 30408

Bill returned from the Senate with an amendment.

Ordered that the amendment be taken into consideration forthwith.

Senate's amendment

(1) Page 32 (after line 24), at the end of the bill, add:

Schedule 7—Other amendments

Income Tax Assessment Act 1997

1 At the end of Division 51

Add:

51-65 Consideration under RFA Private Forest Reserve Program

Any financial consideration paid under the Regional Forest Agreements Private Forest Reserve Program to the owner of land for registering a perpetual conservation covenant against the title to that land is exempt from income tax.

2 Section 116-25 (cell at table item D1, fourth column)

Omit “None”, substitute “See section 116-82”.

3 After section 116-80

Insert:

116-82 Special rule for consideration received under RFA Private Forest Reserve Program

If you, as a landowner, receive financial consideration under the Regional Forest Agreements Private Forest Reserve Program for registering a perpetual conservation covenant against your land title, the consideration is not *capital proceeds for the purposes of this Part.

4 Application

The amendments made by items 3A, 3B and 3C apply to assessments for the 1999-2000 and 2000-2001 income years and later income years.