• Interests in a FIF or FLP subject to the FIF measures

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    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    The FIF measures apply to your interest in a FIF for the FIF's notional accounting period that ended in your income year if:

    • you had an interest in a FIF at the end of the income year, and
    • you were a resident of Australia at any time in that income year. [subsection 485(3)]

    The measures do not apply to an interest in a FIF that you dispose of on or before 30 June of that income year. However, you may be subject to other Australian tax on the interest - for example, capital gains tax.

    The FIF measures apply to your interest in an FLP for the FLP's notional accounting period that ended in your income year if you:

    • had an interest in an FLP at any time during that year, and
    • you were a resident of Australia at any time in that year. [subsection 485(4)]

    The FIF measures will not attribute income to a dual resident of Australia and another country where Australia has agreed, in a double taxation agreement, to treat that resident solely as a resident of the other country.

    Last modified: 27 May 2005QC 17512