Interests in a FIF or a FLP subject to the FIF measures
This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.
End of attention
The FIF measures apply to your interest in a FIF for the FIF's notional accounting period that ended in your income year if:
- you had an interest in a FIF at the end of the income year, and
- you were a resident of Australia at any time in that income year. [subsection 485(3)]
The measures do not apply to an interest in a FIF that you dispose of on or before 30 June of that income year. However, you may be subject to other Australian tax on the interest in the FIF - for example, capital gains tax.
The FIF measures apply to your interest in a FLP for the FLP's notional accounting period that ended in your income year if you:
- had an interest in a FLP at any time during that year, and
- you were a resident of Australia at any time in that year. [subsection 485(4)]
The FIF measures will not apply to a dual resident of Australia and another country where Australia has agreed, in a tax treaty, to treat that resident solely as a resident of the other country.
Last modified: 01 Jul 2006QC 18507