Interest in an FLP subject to taxation



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End of attention

Your assessable income for an income year includes FIF income if:

  • you had an interest in an FLP at any time during an FLP's notional accounting period that ends in your income year, and
  • you were a resident at any time in that income year. [subsection 485(4)]

The measures do not apply to an interest in an FLP if you disposed of that interest before 30 June 1993. [subsection 485(5)]

Last modified: 27 May 2005QC 17512