The FIF measures apply to your interest in a FIF for the FIF's notional accounting period that ended in your income year if:
- you had an interest in a FIF at the end of the income year, and
- you were a resident of Australia at any time in that income year. [subsection 485(3)]
The measures do not apply to an interest in a FIF that you dispose of on or before 30 June of that income year. However, you may be subject to other Australian tax on the interest in the FIF - for example, capital gains tax.
The FIF measures apply to your interest in a FLP for the FLP's notional accounting period that ended in your income year if you:
- had an interest in a FLP at any time during that year, and
- you were a resident of Australia at any time in that year. [subsection 485(4)]
The FIF measures will not apply to a dual resident of Australia and another country where Australia has agreed, in a tax treaty, to treat that resident solely as a resident of the other country.