Working out the amount to include in assessable income



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End of attention

To work out the FIF income, multiply the calculated profit of a FIF for a notional accounting period by your attribution percentage in the FIF at the end of that period. [sections 580 and 582]

Taxpayer's share of FIF income


Calculated profit


Attribution percentage

The FIF income is included in your assessable income subject to reduction by certain assessable distributions from the FIF. See Chapter 6: Avoiding double taxation for more information.

Part-year holding

The calculation method allows for an interest in a FIF that you acquired during a notional accounting period. Modify the above formula by multiplying it by the proportion of the number of days throughout the period in which you held the interest.


Agostino acquires a 1% interest in a FIF on 1 January. He uses the calculation method and accordingly elects for the notional accounting period of the FIF to be the same as the period for which the FIF makes out its accounts - that is, 1 July to 30 June each year. The calculated profit of the FIF for the period 1 July to 30 June is $A10 million. Agostino would include $A49,589 in his assessable income, worked out as follows:

$A10 million x 1% x (181/365) = $A49,589

Last modified: 27 May 2005QC 17512