• Part-year resident

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    If you are a resident of Australia for a part or parts of an income year in which a notional accounting period of a FIF or a FLP ended, the amount of FIF income assessable to you is worked out using the following formula:

    FIF income

    X

    Number of days of residence
    Total number of days

    FIF income means the amount of FIF income that accrued to you from the FIF or the FLP during the notional accounting period that was calculated using any one of the methods for working out FIF income.

    Number of days of residence means the number of days in the notional accounting period of the FIF or FLP that you were a resident of Australia.

    Total number of days means the total number of days in the notional accounting period. [paragraph 529(2)(b)]

    Last modified: 28 Jun 2007QC 27895