Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 532

                   If:

                     (a)  a taxpayer incurs a foreign investment fund loss under section 541 from a FIF in respect of a notional accounting period; and

                     (b)  a FIF attribution surplus for the FIF under section 604 exists in relation to the taxpayer at the end of that notional accounting period;

so much of that foreign investment fund loss as does not exceed that FIF attribution surplus is an allowable deduction from the taxpayer's assessable income of the year of income in which that notional accounting period ended.