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Worksheet 4 - Deemed rate of return method for FLPs

Last updated 31 March 2020

Complete the relevant parts of the worksheet for the interests you hold in the FLP. Read Deemed rate of return method for more information.

Description of the group of interests in the FLP______________

Part 1

Opening value.



Multiply A by the deemed rate of return.



B × (the number of days you held the interest in the FLP during the notional accounting period ÷ the number of days in the notional accounting period [generally 365])



Part 2

Convert the FIF amount at C to Australian currency at the rate of exchange applying at the end of the notional accounting period.



Part 3

If you have more than one group of interests in the FLP and completed more than one part 1 and part 2, add the amounts in each box D and show the total amount at E.

If you had only one interest in the FLP, copy the amount from D to E.



Part 4

Did you receive any distributions from the FLP during the notional accounting period? See chapter 6 for information about reductions of FIF income.

If No, then the amount at E is not reduced. Copy the amount from E to F. Include this amount in your assessable income.



If Yes, insert the amount, if any, of the distributions that are of the type to which subsection 530(1) applies - see chapter 6. [Section 530A]



Take G away from E.

If the amount at H is positive, include it in your assessable income.

If the amount at H is negative, do not include any amount in your assessable income under the FIF measures.

For details on how to complete your tax return, refer to the attributed foreign income question in TaxPack or the instruction guides for company, trust, partnership and superannuation fund tax returns.