Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 544

             (1)  The first step in the procedure is to determine:

                     (a)  whether the taxpayer had only one interest, or had 2 or more interests, in the FIF during the relevant period; and

                     (b)  if the taxpayer had 2 or more such interests--whether any of the interests form a group or groups within the meaning of subsection (4) or (5).

             (2)  Subject to subsection (6), if the taxpayer had only one interest in a FIF during the relevant period, the procedure applies in respect of the interest and so applies as if the interest were a group.

             (3)  If the taxpayer had 2 or more interests in a FIF during the relevant period, the procedure:

                     (a)  applies separately in respect of each interest (if any) that is not included in a group and so applies as if each such interest were a separate group; and

                     (b)  if any of the interests form a group or groups--applies separately in respect of the group or each of the groups.

             (4)  Interests in a FIF which are of the same class and which the taxpayer had throughout the relevant period form a group.

             (5)  Subject to subsection (6), interests in a FIF which are of the same class and which the taxpayer had throughout the same part of the relevant period form a group.

             (6)  Any interest in a FIF that the taxpayer ceased to have before the end of the relevant period is to be disregarded.

Determination of Opening Value