S 560 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income. For saving provisions, see note under Part
heading. S 560 formerly read:
SECTION 560 NOTIONAL INCOME
The notional income of the FIF of the relevant period includes the gross income, and the profits or gains of a capital nature, derived by the FIF during that period.
For the purposes of the application of this Subdivision to the taxpayer in relation to a FIF, an amount (
``the excluded amount''
) is not to be taken into account in determining whether an amount is to be included in the notional income of the FIF of the relevant period, or in calculating an amount to be so included, to the extent (if any) to which the excluded amount:
has been, or is to be, allowed as a notional deduction, or taken into account in the calculation of a notional deduction, from the notional income of the FIF in respect of the relevant period or a previous notional accounting period; or
would have been, or would be, allowed as a notional deduction, or taken into account in the calculation of a notional deduction, from the notional income of the FIF in respect of a previous notional accounting period if the taxpayer had been required for the purposes of this Part to work out the notional deductions from that notional income.
S 560 inserted by No 190 of 1992.