Document ID: chunk:federal_register_of_legislation:C2010A00114:clause:1_23ak:p2
Version: federal_register_of_legislation:C2010A00114
Segment Type: clause
Provision Reference: sch 1 cl 23AK (pt 2/3)
Character Range: 6562–9122

entity's total FIF attribution debits (within the meaning of former section 606) that arose before that commencement in relation to the taxpayer; and
 (d) the entity's total post FIF abolition debits arising before the relevant time in relation to the taxpayer.

Post FIF abolition credit arises
 (6) A post FIF abolition credit arises for a FIF attribution account entity (the eligible entity) in relation to a taxpayer if a FIF attribution account payment that requires a post FIF abolition debit for another entity in relation to the taxpayer is made to the eligible entity.

Amount of post FIF abolition credit
 (7) The amount of the post FIF abolition credit is equal to the amount of the post FIF abolition debit for the other entity.

When the post FIF abolition credit arises
 (8) The post FIF abolition credit arises when the FIF attribution account payment referred to in subsection (6) is made.

Effect of this section applying
 (9) If this section applies, the following provisions have effect:
 (a) if the payment is of a kind referred to in former paragraph 603(1)(a) or (b)—the payment is not assessable income, and is not exempt income, to the extent of the debit;
 (b) if the payment is of a kind referred to in former paragraph 603(1)(c) and, apart from this section, an amount would be included in the taxpayer's assessable income under section 92 in respect of an individual interest in the net income of the partnership of the year of income referred to in that paragraph—that amount is not assessable income, and is not exempt income, to the extent of the debit;
 (c) if the payment is of a kind referred to in former paragraph 603(1)(d) and, apart from this section, an amount would be included in the taxpayer's assessable income under section 97, 98A or 100 in respect of a share of the net income of the trust of the year of income referred to in that paragraph—that amount is not assessable income, and is not exempt income, to the extent of the debit;
 (d) if the payment is of a kind referred to in former paragraph 603(1)(d) and, apart from this section, an amount would be assessable to the trustee of the trust referred to in that paragraph under section 98 in respect of a share of the net income of the trust of the year of income referred to in that paragraph—that amount is not so assessable to the extent of the debit;
 (e) if the payment is of a kind referred to in former paragraph 603(1)(e)—the payment is not, to the extent of the debit, assessable to the taxpayer as mentioned in that paragraph;
 (f) if the payment is