Taxation Laws Amendment Act (No. 2) 1999 (93 of 1999)
Schedule 1 Australia as a regional financial centre
Part 2 Foreign Investment Funds
Income Tax Assessment Act 1936
44 At the end of section 564
Add:
(2) If the FIF's interest in the other FIF is covered by Division 8, the notional income of the FIF in respect of the relevant period does not include any dividend or distribution paid to the FIF by the other FIF to the extent of the grossed-up amount of a FIF attribution debit that arises in relation to the taxpayer as a result of the dividend or distribution.
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