S 577 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 577 formerly read:
SECTION 577 HOW TO DETERMINE WHETHER FOREIGN INVESTMENT FUND INCOME ACCRUED FROM SECOND TIER FIF OR FROM FLP
Subject to subsection (2), in determining whether any foreign investment fund income would be taken to have accrued to the first tier FIF from the second tier FIF or from the FLP in respect of the relevant period:
any declaration, election, choice or selection that could be made, any notice that could be given, or any option that could be exercised, under this Act by the first tier FIF apart from this section is not to be made, given or exercised by the first tier FIF but instead may be made, given or exercised by the taxpayer; but
if the first tier FIF is not a CFC
the taxpayer is not entitled to make an election under subsection
, as that subsection applies because of paragraph (a), to use the calculation method in respect of the second tier FIF unless:
the taxpayer has also made an election under subsection
to use that method in respect of the first tier FIF; and
the taxpayer also makes the election in relation to the second tier FIF under subsection
that the taxpayer is entitled to make because of paragraph (a) of this subsection.
S 577(1) amended by No 16 of 1998.
a FIF that is a CFC had an interest in a FIF that is not a CFC (
``the first non-controlled FIF''
the first non-controlled FIF had an interest in another FIF that is not a CFC (
``the second non-controlled FIF''
the taxpayer is taken not to have made an election under subsection
, as that subsection applies because of paragraph (1)(a), to use the calculation method in respect of the second non-controlled FIF.
S 577 inserted by No 190 of 1992.