INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
PART XI
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FOREIGN INVESTMENT FUNDS AND FOREIGN LIFE ASSURANCE POLICIES
Division 18
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How to determine whether Foreign Investment Fund income accrued to a taxpayer from a FIF or a FLP
Subdivision E
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Deemed rate of return method for FLPs
SECTION 588
588
VALUE AT START OF RELEVANT PERIOD (BEING 1 JANUARY 1993)
The value of the FLP on the relevant day is:
(a) subject to paragraph (b), the cash surrender value of the FLP on that day; or
(b) if the taxpayer elects that this paragraph is to apply in respect of the taxpayer's interests in the FLP - the consideration paid or given by the taxpayer in respect of the acquisition of those interests.
The value of the FLP on the relevant day is:
(a) subject to paragraph (b), the cash surrender value of the FLP on that day; or
(b) if the taxpayer elects that this paragraph is to apply in respect of the taxpayer's interests in the FLP - the consideration paid or given by the taxpayer in respect of the acquisition of those interests.
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