INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART XI - FOREIGN INVESTMENT FUNDS AND FOREIGN LIFE ASSURANCE POLICIES  

Division 18 - How to determine whether Foreign Investment Fund income accrued to a taxpayer from a FIF or a FLP  

Subdivision F - Cash surrender value method for FLPs  

SECTION 597  

597   IF NO CASH SURRENDER VALUE AVAILABLE ON 1 JANUARY 1993  
If:

(a) the relevant period started on 1 January 1993; and

(b) a cash surrender value was not available in respect of the taxpayer's interest in the FLP on 31 December 1992; and

(c) a cash surrender value was available in respect of that interest on a day earlier than 31 December 1992; and

(d) a cash surrender value was available in respect of that interest on a day later than 31 December 1992; and

(e) the earliest day on which a cash surrender value was available as mentioned in paragraph (d) was not more than 12 months after the latest day on which a cash surrender value was available as mentioned in paragraph (c);

the cash surrender value in respect of the taxpayer's interest in the FLP on 31 December 1992 is taken to have been one-half of the sum of:

(f) the latest cash surrender value that was available as mentioned in paragraph (c); and

(g) the earliest cash surrender value that was available as mentioned in paragraph (d).

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