Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 474

             (1)  Some calculations made under this Part involve taking into account distributions made by a FIF or a FLP to a person who has an interest in the FIF or FLP.

             (2)  A reference in this Part to a distribution made by a FIF or a FLP to a person who has an interest in the FIF or FLP is a reference to any amount paid or credited, or any property distributed, to the person by the FIF or in relation to the FLP that constitutes income derived, or a receipt of capital, by the person and:

                     (a)  without limiting the generality of the above, includes a reference to:

                              (i)  the issue by a FIF to a person of a further interest in the FIF in satisfaction of the person's entitlement to a payment by the FIF; and

                             (ii)  in the case of a FLP--any payment to a person of a bonus or a refund of premium under or in respect of the FLP; but

                     (b)  does not include a reference to the issue by a FIF or a FLP to a person of a further interest in the FIF or FLP without any consideration being paid or given by the person for the interest.