Foreign investment funds guide
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Worksheets
Worksheet 1: Market value method
Complete the relevant parts of the worksheet for the interests you hold in the FIF. |
Description of interests in the FIF ___________________________________________ |
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
| 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. |
Worksheet 3: Calculation method
Complete the relevant parts of the worksheet for those interests you held in the FIF on the last day of the notional accounting period (see chapter 2). Interests in the FIF that you disposed of before the end of the notional accounting period are not taxed under the FIF measures. |
Description of interests in the FIF. ___________________________________________ |
Part 1 - Use the currency in which the accounts of the FIF are made out. | |||
The notional income of the FIF for the notional accounting period.
| A | ___________ | |
The notional deductions of the FIF for the notional accounting period.
| B | ___________ | |
Take
B
away from
A
.
| C | ___________ | |
If the amount at C is negative, the FIF has a calculated loss. This loss is allowed as a notional deduction for the same FIF in future years. If the amount at
C
is positive, the FIF has a calculated profit. Go to part 2.
| |||
Part 2 | |||
If the amount at
C
is positive, convert the amount to Australian currency at the rate of exchange applying at the end of the notional accounting period. Now complete parts 3 and 4, as appropriate.
| D | A$_________ | |
Part 3 | |||
Complete this part for interests you held in the FIF for the entire notional accounting period.
| |||
Your attribution percentage for your interest in the FIF held for the whole of the notional accounting period.
| E | _________% | |
Multiply
D
by
E
.
| F | ___________ | |
Part 4 | |||
Complete this part for interests in the FIF acquired throughout a particular part of the notional accounting period. Do not apply the calculation method for interests in the FIF which you dispose of before the end of the notional accounting period. These interests may be dealt with under other provisions of the taxation Acts - for example, the capital gains tax provisions. Repeat part 4 for interests in the FIF that you acquired at different times throughout the notional accounting period.
| |||
Your attribution percentage for interests in the FIF held throughout a particular part of the notional accounting period.
| G | _________% | |
Multiply
D
by
G
.
| H | ___________ | |
Multiply H by | the number of days in the notional accounting period for
| I | ___________ |
Part 5 | |||
Add
F
and
I
, where applicable, to determine your FIF income.
| J | ___________ | |
Now go to part 6.
| |||
Part 6 | |||
Did you receive any distributions from the FIF during the notional accounting period?
| |||
If No, then the amount at
J
is not reduced. Copy the amount from
J
to
K
.
| |||
Include this amount in your assessable income.
| K | ___________ | |
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 reduction of FIF income resulting from employee share schemes. [
section 530A
] See
chapter 6
for more information.
| L | ___________ | |
Take
L
away from
J
| M | ___________ | |
If the amount at M is positive, include it in your assessable income. If the amount at M 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. |
Worksheet 4: Deemed rate of return method for FLPs
Complete the relevant parts of the worksheet for the interests you hold in the FLP. Read Deemed rate of return method in chapter 5 for more information. |
Part 1 | |||
Description of the interests in the FLP. _________________________________ | |||
Opening value.
| A | ___________ | |
Multiply
A
by the deemed rate of return.
| B | ___________ | |
Multiply B by | the number of days you held the interest in
| C | ___________ |
Part 2 | |||
Convert the FIF 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 interest in the FLP 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 FLP, copy the amount from
D
to
E
.
| E | ___________ | |
Part 4 | |||
Did you receive any distributions from the FLP 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) applies - see chapter 6. | 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. |
Worksheet 5: Cash surrender value method for FLPs
Complete the relevant parts of the worksheet for the interests you hold in the FLP. See Cash surrender value method in chapter 5 for more information. |
Description of interests in the FLP. ___________________________________________ |
Part 1 - Express the amounts in B to G in the same currency as the amount in A . | ||
The cash surrender value of your interests held in the FLP on the last day of the notional accounting period.
| A | ___________ |
The amount of distributions you received from the FLP during the notional accounting period for those interests you held on the last day of the period.
| B | ___________ |
Where you have disposed of interests in the FLP during the notional accounting period, write: | ||
| C | ___________ |
| D | ___________ |
The cash surrender value of the interests you held in the FLP on the day immediately before the first day of the notional accounting period or the deemed rate of return value for the same interests on the last day of the previous period where the deemed rate of return method was used for that period.
| E | ___________ |
The amount you paid for acquiring any interest in the FLP during the notional accounting period.
| F | ___________ |
Add
E
and
F
and take the total away from the sum of
A
to
D
.
| G | ___________ |
This is the gross FIF income amount. If the amount at G is negative, you have incurred a current year FIF loss. You may take this loss into account in future years as an unapplied previous FIF loss, but only for the same FLP.
| ||
If the amount at G is positive, go to part 2. | ||
Part 2 | ||
Enter any unapplied previous FIF losses.
| H | ___________ |
Take away the amount at
H
from the amount at
G
.
| I | ___________ |
If the amount at
I
is positive - that is, you have FIF income - convert the amount to Australian currency at the rate of exchange applying at the end of the notional accounting period. If the amount at
I
is negative, you may use the amount in future years as an unapplied previous FIF loss.
| J | A$_________ |
Part 3 | ||
Did you receive any distributions from the FLP during the notional accounting period?
| ||
If No, then the amount at
J
is not reduced. Copy the amount from
J
to
K
. Include this amount in your assessable income.
| K | ___________ |
If Yes, insert the amount, if any, of the distributions that are of the type to which subsection 530(1) applies - see
chapter
6
.
| L | ___________ |
Take away
L
from
J
.
| M | ___________ |
If the amount at M is positive, include it in your assessable income. If the amount at M 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.
|
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ATO references:
NO NAT 2130
Date: | Version: | |
1 July 2001 | Original document | |
1 July 2007 | Updated document | |
You are here | 1 July 2008 | Updated document |
1 July 2009 | Archived |