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  • Worksheet 3 - Calculation method

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    Complete the relevant parts of the worksheet for those interests you held in the FIF on the last day of the notional accounting period (see chapter 2). Interests in the FIF that you dispose of before the end of the notional accounting period are not taxed under the FIF measures.

    Description of interests in the FIF__________________________

    Part 1 – Use the currency in which the accounts of the FIF are made out

    Row

    Calculation element

    Amount

    A

    The notional income of the FIF for the notional accounting period.

    $

    B

    The notional deductions of the FIF for the notional accounting period.

    $

    C

    Take B away from A.

    If the amount at C is negative, the FIF has a calculated loss. This loss is allowed as a notional deduction for the same FIF in future years.

    If the amount at C is positive, the FIF has a calculated profit. Go to part 2.

    $

    Part 2

    Row

    Calculation element

    Amount

    D

    If the amount at C is positive, convert the amount to Australian currency at the rate of exchange applying at the end of the notional accounting period. Now complete parts 3 and 4, as appropriate.

    A$

    Part 3

    Row

    Calculation element

    Amount

    E

    Complete this part for interests you held in the FIF for the entire notional accounting period.

    Your attribution percentage for your interest in the FIF held for the whole of the notional accounting period.

    %

    F

    Multiply D by E.

    $

    Part 4

    Row

    Calculation element

    Amount

    G

    Complete this part for interests in the FIF acquired throughout a particular part of the notional accounting period. Do not apply the calculation method for interests in the FIF which you dispose of before the end of the notional accounting period. These interests may be dealt with under other provisions of the taxation Acts - for example, the capital gains tax provisions. Repeat part 4 for interests in the FIF that you acquired at different times throughout the notional accounting period.

    Your attribution percentage for interests in the FIF held throughout a particular part of the notional accounting period.

    %

    H

    Multiply D by G.

    $

    I

    H × (the number of days in the notional accounting period for which you held the interests in the FIF ÷ the number of days in the notional accounting period [generally 365])

    $

    Part 5

    Row

    Calculation element

    Amount

    J

    Add F and I, where applicable, to determine your FIF income.

    Now go to part 6.

    $

    Part 6

    Row

    Calculation element

    Amount

    K

    Did you receive any distributions from the FIF during the notional accounting period?

    If No, then the amount at J is not reduced. Copy the amount from J to K.

    Include this amount in your assessable income.

    $

    L

    If Yes, insert the amount, if any, of the distributions that are of the type to which subsection 530(1) of ITAA 1936 applies. Include any reduction of FIF income resulting from employee share schemes [section 530A]. See chapter 6 for more information.

    $

    M

    Take L away from J

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

    If the amount at M 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.

    $

    Last modified: 01 Jul 2006QC 18507