Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This Subdivision applies only if it is practicable to ascertain, as at the relevant times referred to in this Subdivision, the market value of the interest, or the market values of all the interests in a particular class or classes, of a person ( the taxpayer ) in a FIF. For the purposes of this Subdivision as so applying, a reference to an interest in a FIF is a reference to an interest of which it is practicable to ascertain the market value as at the relevant time.
(2) Accordingly, this Subdivision sets out the procedure for determining by the market value method whether, in respect of the interest, or the interests in the class or classes concerned, any foreign investment fund income accrued to the taxpayer from the FIF in respect of a notional accounting period ( the relevant period ). There are 2 steps in this procedure, which are set out in sections 538 and 542, respectively.