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Spreading receipts from the sale of timber

Spreading receipts from the sale of timber Income from the sale of timber can be spread back to previous income years. The income may be allocated between the income year in which it is derived and any 1 or more of the previous 3 income years. Generally, you need to apply to the Commissioner within 1 year after the end of the year in which you earned the income.

However, because of the COVID-19 pandemic, the time for applying to the Commissioner to spread income back over previous years has been extended. If you derived income from the sale of timber for income years ending between 25 March 2019 and 30 June 2019, you need to apply on or before 31 July 2020 in order to spread the income back.

You can apply by logging into myIR.

The Commissioner’s variation decisions, COV 20/02 and COV 20/06 approving this extension can be found in the link below. Further details on spreading income from forestry can be found in our income equalisation section.

Log in to myIR

COV 20/02 Variation to section EI 1 of the Income Tax Act 2007

COV 20/06 Variation to section EI 1 of the Income Tax Act 2007

Income equalisation schemes: Who is eligible