Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 575

             (1)  Sections 576 to 579 apply if a FIF ( the first tier FIF ) had an interest in another FIF ( the second tier FIF ) or in a FLP during the whole or the part of the notional accounting period of the second tier FIF or of the FLP that ended in the relevant period.

             (2)  For the purposes of the application of the sections referred to in subsection (1), it is to be assumed that:

                     (a)  the relevant period was a year of income; and

                     (b)  the first tier FIF was a taxpayer that was a resident in relation to that year of income; and

                     (c)  Divisions 2 to 7 and 9 to 15 were disregarded; and

                     (d)  references in this Part to assessable income were references to notional income.