Worksheet 2: Deemed rate of return method for FIFs

Complete the relevant parts of the worksheet for the interests you held in the FIF on the last day of the notional accounting period (see chapter 2). Interests in the FIF which you disposed of before the end of the notional accounting period are not taxed under FIF measures.

Part 1

Description of the group of interests in the FIF. _________________________________

Opening value.

A

___________

Multiply A by the deemed rate of return.

B

___________

Multiply B by

the number of days in the notional accounting period
for which you held the interests in the group
365

C

___________

Part 2

Convert the amount at C to Australian currency at the rate of exchange applying at the end of the notional accounting period.

D

A$_________

Part 3

If you have more than one group of interests in the FIF and completed more than one part 1 and part 2, add the amounts in each box D and show the total amount at E.

If you had only one interest in the FIF, copy the amount from D to E. 

E

___________

Part 4

Did you receive any distributions from the FIF during the notional accounting period? See chapter 6 for information about reductions of FIF income.

If No, then the amount at E is not reduced. Copy the amount from E to F. Include this amount in your assessable income.

F

___________

If Yes, insert the amount, if any, of the distributions that are of the type to which subsection 530(1) of the ITAA 1936 applies. Include any reductions of FIF income for employee share acquisition schemes - see chapter 6. [section 530A]

G

___________

Take G away from E.

H

___________

If the amount at H is positive, include it in your assessable income.

If the amount at H is negative, do not include any amount in your assessable income under the FIF measures.

For details on how to complete your tax return, refer to the attributed foreign income question in TaxPack or the instruction guides for company, trust, partnership and superannuation fund tax returns.