Notional accounting period of an FLP



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End of attention

The notional accounting period of an FLP is generally each period of 12 months ending on 30 June. [subsection 487(2)]

If the cash surrender values of your interest in an FLP are available on a day during the same month in each calendar year ('the relevant day'), you can elect that the notional accounting period of the FLP be determined under subsection 487(5). Generally, for example, if the relevant days are in February and May, the accounting period begins in March (the month after the first relevant day) and ends at the end of May (in which the next relevant day occurs).

This election cannot be revoked for as long as you have an interest in the FLP. [Subsection 487(4)]

Last modified: 27 May 2005QC 17512