S 596 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 596 formerly read:
SECTION 596 STEP 1
CALCULATION OF FOREIGN INVESTMENT FUND AMOUNT
The first step in the procedure is to work out the foreign investment fund amount in relation to the taxpayer in respect of the relevant period.
This is done as follows:
first, determine the cash surrender value of the taxpayer's interest at the end of the period;
secondly, add the amount or value of each distribution (if any) in respect of the taxpayer's interest in the FLP that was made by the FLP to the taxpayer during the period;
thirdly, if the taxpayer disposed of any interest in the FLP during the period, add:
the amount or value of each distribution (if any) in respect of that interest made by the FLP to the taxpayer during the period; and
the amount or value of any consideration received or receivable by the taxpayer in respect of the disposal;
fourthly, if the taxpayer had an interest in the FLP on the day immediately before the first day of the period, deduct:
if subparagraph (ii) does not apply
the cash surrender value of the interest on that day; or
if the deemed rate of return method was applied, in respect of the taxpayer's interest in the FLP, in respect of the notional accounting period immediately before the relevant period
the value, determined under Subdivision E in accordance with that method, of the interest on that day;
fifthly, if the taxpayer contributed to the interest in the FLP during the period, deduct the amount or value of the consideration paid or given by the taxpayer in respect of the contribution.
S 596(2) amended by No 18 of 1993.
Each amount resulting from the application of one of the paragraphs of subsection (2) is to be expressed in the currency used in determining the cash surrender value referred to in paragraph (2)(a).
S 596 inserted by No 190 of 1992.