Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 529

             (1)  The circumstances in which this section applies to a taxpayer in relation to a FIF or FLP in respect of a notional accounting period of the FIF or FLP are as set out in section 485.

             (2)  If foreign investment fund income accrued to a taxpayer to whom this section applies from a FIF or a FLP in respect of a notional accounting period of the FIF or FLP, the taxpayer's assessable income of the year of income in which the notional accounting period ended includes:

                     (a)  if the taxpayer was a resident throughout the whole of the notional accounting period--the foreign investment fund income; or

                     (b)  if the taxpayer was a resident throughout a part or parts of the notional accounting period--so much of the foreign investment fund income as is worked out using the formula:

In the formula in paragraph (b):

"foreign investment fund income" means the amount of the foreign investment fund income that accrued to the taxpayer from the FIF or FLP in respect of the notional accounting period.

"number of days of residence" means the number of days in the notional accounting period throughout which the taxpayer was a resident.

"total number of days" means the number of days in the notional accounting period.