Commonwealth Consolidated Acts Commonwealth Consolidated ActsThe object of this Division is to exempt a taxpayer from taxation in respect of foreign investment fund income that would otherwise be taken to accrue from a foreign company that is taken by the application of the method in section 507 to have been principally engaged in life insurance business at the test time in relation to a notional accounting period. That method involves determining the extent to which the foreign company's assets were for use in carrying on life insurance business at that time by reference to a relevant balance‑sheet of the company and, if appropriate, of its subsidiaries prepared at that time.