• Exemption for an interest of $A50,000 or less

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    Individuals (other than trustees) with small levels of offshore investments can qualify for an exemption. You may qualify for this exemption in one of two ways.

    1. If the total of your interests and the interests of your associates in foreign companies, trusts and life policies is not more than $A50,000, the FIF taxation provisions will not apply to the your investments. [subsection 515(1)]
    2. If the total of your interests and your associates' interests in foreign companies, trusts and life policies and interests in resident public unit trusts does not exceed $A50,000, the FIF taxation provisions will not apply in calculating your share of net income of the resident public unit trust. [subsections 515(2) and 96A(2)]
    Last modified: 27 May 2005QC 17512