Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Any net capital losses incurred by the FIF during the relevant period (other than losses taken into account under section 567) are notional deductions from the notional income of the FIF of that period.
(2) For the purposes of the application of this Subdivision to the taxpayer in relation to a FIF, an amount (the excluded amount ) is not taken into account in determining whether an amount is a notional deduction from the notional income of the FIF of the relevant period, or in calculating the amount of such a deduction, to the extent (if any) to which the excluded amount:
(a) has been, or is to be, allowed as a notional deduction, or taken into account in the calculation of a notional deduction, from the notional income of the FIF in respect of the relevant period or a previous notional accounting period; or
(b) would have been, or would be, allowed as a notional deduction, or taken into account in the calculation of a notional deduction, from the notional income of the FIF in respect of a previous notional accounting period if the taxpayer had been required for the purposes of this Part to work out the notional deductions from that notional income.