Complete the relevant parts of the worksheet for the interests you hold in the FLP. Read Deemed rate of return method in chapter 5 for more information.
Description of interests in the FLP__________________________
Row |
Calculation element |
Amount |
|---|---|---|
A |
Opening value. |
$ |
B |
Multiply A by the deemed rate of return. |
$ |
C |
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]) |
$ |
Row |
Calculation element |
Amount |
|---|---|---|
D |
Convert the FIF amount at C to Australian currency at the rate of exchange applying at the end of the notional accounting period. |
A$ |
Row |
Calculation element |
Amount |
|---|---|---|
E |
If you have more than one interest 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. |
$ |
Row |
Calculation element |
Amount |
|---|---|---|
F |
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. |
$ |
G |
If Yes, insert the amount, if any, of the distributions that are of the type to which subsection 530(1) applies - see chapter 6. |
$ |
H |
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. |
$ |