This item asks for the current value, at the end of the notional accounting period, of interests in FIFs and FLPs that are exempt under the specified sections of Part XI of the ITAA 1936.
The value should be the most accurate current value that is available or, if no current value is available, use cost. FIF is defined in section 481 of the ITAA 1936. FLP is defined in section 482 of the ITAA 1936. Interest in a FIF or FLP is defined in section 483 of the ITAA 1936.
'Notional accounting period' in respect of a FIF is defined in section 486 of the ITAA 1936.
'Notional accounting period' in respect of an FLP is defined in section 487 of the ITAA 1936.
Write the relevant code from the list below for the interests that qualify for exemptions at B to T. Write the value of the corresponding interest in whole dollars at C to U.
Show only the principal 10 in descending order of total dollar value. If there were more than 10 exemptions, show the largest 10 based on dollar values. If there were fewer than 10 exemptions, leave the remaining answer blocks blank.
Section |
Code |
|---|---|
497 Interests in a foreign company principally engaged in eligible company activities |
01 |
503 Interests in a foreign bank |
02 |
504 Interests in a foreign holding company of a foreign bank |
03 |
506 Interests in a foreign life insurance company |
04 |
507A Interests in a foreign holding company of a foreign life insurance company |
05 |
509 Interests in a foreign general insurance company |
06 |
509A Interests in a foreign holding company of a foreign general insurance company |
07 |
511 Interests in a foreign company engaged in certain activities connected with real property |
08 |
511A Interests in a foreign holding company of a foreign real property company |
09 |
513 Interests in certain USA entities |
10 |
515 Interests of less than $50,000 |
11 |
519B Exemption for complying superannuation entities, certain assets of life insurance companies and certain fixed trusts |
12 |
521 Interests that are trading stock |
13 |
523 Interests in a foreign company principally engaged in several of certain activities |
14 |
523A Interests in a foreign holding company of a foreign mixed activity company |
15 |
525 Interests not exceeding 10% of the value of all FIF interests |
16 |
527 Certain interests of underwriting members of Lloyd's |
17 |
Example 8
A taxpayer has the following FIF interests:
- Investment valued at $65,000 in a foreign company engaged in eligible activities that is exempt under section 497 of the ITAA 1936
- Investment valued at $100,000 in a foreign life assurance company that is exempt under section 506 of the ITAA 1936.
This taxpayer completes item 19 as follows:
Code |
Amount |
|---|---|
B 04 |
C $100,000 |
D 01 |
E $65,000 |
End of example