INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART XI - FOREIGN INVESTMENT FUNDS AND FOREIGN LIFE ASSURANCE POLICIES  

Division 18 - How to determine whether Foreign Investment Fund income accrued to a taxpayer from a FIF or a FLP  

Subdivision E - Deemed rate of return method for FLPs  

SECTION 588   588   VALUE AT START OF RELEVANT PERIOD (BEING 1 JANUARY 1993)  
The value of the FLP on the relevant day is:


(a) subject to paragraph (b), the cash surrender value of the FLP on that day; or


(b) if the taxpayer elects that this paragraph is to apply in respect of the taxpayer's interests in the FLP - the consideration paid or given by the taxpayer in respect of the acquisition of those interests.


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