Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The following expenditure incurred by the FIF during the relevant period is not a notional deduction from the notional income of the FIF of that period:
(a) expenditure incurred in the acquisition of:
(i) plant, articles, depreciating asset or industrial or other property referred to in paragraph 570(1)(a); or
(ii) land or buildings; or
(iii) goodwill; or
(iv) gold, silver or other precious metals; or
(v) any other capital asset;
except to the extent that the expenditure is incidental to the acquisition;
(b) repayments of debts;
(c) any other prescribed expenditure.
(2) For the purposes of the application of this Subdivision to the taxpayer in relation to a FIF, an amount is not to be a notional deduction from the notional income of the FIF of the relevant period to the extent (if any) to which the amount:
(a) has been, or is to be, taken into account in the calculation, in relation to the taxpayer, of an amount included, or to be included, in the notional income of the FIF in respect of the relevant period or in respect of a previous notional accounting period; or
(b) would have been, or would be, taken into account in the calculation, in relation to the taxpayer, of an amount that would have been, or would be, included in 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 that notional income.
Procedure if FIF has interest in a second tier FIF or in a FLP