Document ID: chunk:federal_register_of_legislation:C2010C00499:clause:10_485aa:p2
Version: federal_register_of_legislation:C2010C00499
Segment Type: clause
Provision Reference: sch 10 cl 485AA (pt 2/2)
Character Range: 88617–89119

Effect of election on other interests in FIF

 (6) However, subsection (5) does not have effect so far as that interest in the FIF is relevant for the purpose of the application of this Part in relation to the taxpayer, or any other taxpayer, in relation to any other interest in the FIF.

Note: For example, in applying section 580 to work out other taxpayers' shares of the calculated profit of the FIF, the interest would not be disregarded.

Election irrevocable

 (7) The election is irrevocable.