Where a trustee holds an interest in a FIF or FLP on behalf of a beneficiary who is absolutely entitled to the interest in the FIF or FLP, the beneficiary will be taken to hold the interest under the FIF measures. [subsection 484(1)]
Deceased estates
Foreign trusts that are deceased estates are excluded from the FIF measures. For more information, see What is a foreign investment fund (FIF)? in chapter 1.
Note that other trust provisions of the ITAA 1936 may apply to deceased estates.