Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 521

                   If:

                     (a)  subsection 70‑70(2) of the Income Tax Assessment Act 1997 applies to a taxpayer in respect of a year of income; and

                     (b)  at any time during the notional accounting period of a FIF that ended in that year of income the taxpayer had an interest in the FIF that was trading stock;

that interest is disregarded for the purposes of the application of the operative provision to the taxpayer in relation to the FIF in respect of that notional accounting period.