Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 552

             (1)  If:

                     (a)  the calculation method was applied in respect of the notional accounting period immediately preceding the relevant period; or

                     (b)  the operative provision did not apply to the taxpayer in respect of that immediately preceding period, or the application of the operative provision to the taxpayer in respect of that notional accounting period was affected, because of any of Divisions 2 to 15;

the value of the interests in the group on the relevant day is to be determined in accordance with this section.

             (2)  If the interests are included in a class of interests for which there were quoted prices on an approved stock exchange at any time during the immediately preceding period, the value of the interests in the group on the relevant day is the amount worked out on the basis of the quoted price for such an interest on the latest day during the immediately preceding period on which there was a quoted price for such an interest on such a stock exchange.

             (3)  If it is not practicable to determine the value of the interests in a group on the relevant day under subsection (2), that value is taken to be the amount that would be that value if:

                     (a)  this Part had been in force at all times since the interests were acquired; and

                     (b)  the value of each interest in the group at the date on which it was acquired was the consideration paid or given in respect of the acquisition by the taxpayer; and

                     (c)  subject to paragraph (b), the deemed rate of return method had been used to determine whether any foreign investment fund income accrued to the taxpayer from the FIF in respect of each notional accounting period of the FIF before the relevant period.