Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If:
(a) a FIF attribution account payment is made by a FIF or a FLP to a taxpayer during a notional accounting period of the FIF or FLP, as the case may be; and
(b) under section 529 an amount of foreign investment fund income that is taken to have accrued to the taxpayer from that FIF or FLP in respect of that period would be included in the taxpayer's assessable income of the year of income in which that period ended;
the amount to be included ( the section 529 amount ) under that section in that assessable income is reduced by so much of the payment as:
(c) is included in that assessable income; or
(ca) was included in the taxpayer's assessable income of the year of income that immediately preceded the year of income referred to in paragraph (b); or
(d) is a non‑portfolio dividend (as defined in section 317) that is:
(i) non‑assessable non‑exempt income under section 23AJ; or
(ii) notional exempt income of the taxpayer under section 23AJ or 404;
and does not exceed the section 529 amount.
(2) If:
(a) an amount of foreign investment fund income that accrued to a taxpayer from a FIF in respect of a notional accounting period of the FIF is included in the taxpayer's assessable income of a year of income; and
(b) a residence‑change time (within the meaning of section 457) in relation to a CFC occurs in that notional accounting period of the FIF; and
(c) section 457 applies to the taxpayer in respect of the taxpayer's assessable income of the year of income in which the residence‑change time occurs; and
(d) the CFC is the same entity as the FIF;
the amount included in the taxpayer's assessable income under section 457 is taken for the purposes of subsection (1) of this section to be a FIF attribution account payment made by the FIF to the taxpayer.