S 579 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 579 formerly read:
SECTION 579 IF SECOND TIER FIF HAS INTEREST IN A THIRD TIER FIF OR IN A FLP
If the taxpayer elects to use the calculation method in respect of the second tier FIF, and the second tier FIF had an interest in another FIF (
``the third tier FIF''
) or in a FLP during the whole or a part of the notional accounting period of the third tier FIF or of the FLP that ended in a notional accounting period of the second tier FIF, the following provisions have effect:
the notional income of the second tier FIF includes any amount of foreign investment fund income that would, if the assumptions referred to in subsection
applied to the second tier FIF, be taken under this Part to have accrued to the second tier FIF from the third tier FIF or from the FLP in respect of the second tier FIF's or the FLP's notional accounting period;
in calculating the foreign investment fund income referred to in paragraph (a):
any declaration, election, selection or choice that could be made, any notice that could be given, or any option that could be exercised, under this Act by the second tier FIF or by the FLP apart from this subparagraph is not to be made, given or exercised by the second tier FIF or by the FLP but instead may be made, given or exercised by the taxpayer; and
the taxpayer is taken not to have made an election under subsection
, as that subsection applies because of paragraph (a), to use the calculation method in respect of the third tier FIF.
S 579 amended by No 16 of 1998 and inserted by No 190 of 1992.