Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This Subdivision applies only if it is practicable to ascertain, as at the relevant time referred to in this Subdivision, the cash surrender value of the interest of a person ( the taxpayer ) in a FLP. For the purposes of this Subdivision as so applying, a reference to an interest in a FLP is a reference to an interest of which it is practicable to ascertain the cash surrender value as at the relevant time.
(2) Accordingly, this Subdivision sets out the procedure for determining by the cash surrender value method whether, in respect of the interest, any foreign investment fund income accrued to the taxpayer from the FLP in respect of a notional accounting period ( the relevant period ). There are 2 steps in this procedure, which are set out in sections 596 and 600, respectively.