Taxation Laws Amendment Act (No. 3) 1994 (138 of 1994)

Part 2   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 3   Amendments relating to foreign investment funds and controlled foreign companies

Sub-Division I   Expression of unapplied previous FIF and FLP losses in same currency as gross FIF and FLP income

31   Step 2-Calculation of foreign investment fund income

Section 542 of the Principal Act is amended by adding at the end the following subsection:

"(8) For the purposes of applying subsections (5), (6) and (7) in working out the amount of an unapplied previous foreign investment fund loss, if any amount that is to be taken into account under any of those subsections in relation to a notional accounting period is not expressed in the same currency as the gross foreign investment fund income mentioned in paragraph (2)(a), the amount is to be converted to the corresponding amount in that currency in accordance with the rate of exchange applicable at the end of that notional accounting period.".