• Notional accounting period of an FLP

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    The FIF income that is included in your assessable income is calculated for a 'notional accounting period' of the FLP.

    A notional accounting period of your FLP will generally coincide with your income year - that is, a 12-month period ending 30 June each year.

    If the FLP existed before 1 January 1993, the first notional accounting period of the FLP commences on 1 January 1993 and ends on 30 June 1993. If the policy came into existence on or after 1 January 1993, the first notional accounting period commences on the day that it came into existence and ends on the following 30 June [subsection 487(7)].

    Last modified: 27 May 2005QC 17512