Document ID: chunk:federal_register_of_legislation:C2010C00184:clause:1_559a:p2
Version: federal_register_of_legislation:C2010C00184
Segment Type: clause
Provision Reference: sch 1 cl 559A (pt 2/2)
Character Range: 29212–31443

period would be determined.

Application of sections 575 to 579

 (6) For the purposes of subsection (3), apply sections 575 to 579 in relation to a taxpayer (the actual taxpayer), subject to the rules in subsections (7) and (8).

 (7) If the actual taxpayer has made a choice under subsection (1) in relation to a FIF (the first‑tier FIF), in working out the first‑tier FIF's notional assessable income for the purposes of paragraph (3)(a):
 (a) disregard paragraphs 384(2)(ca) and 385(2)(ca) (which deal with amounts included in notional assessable income under Part XI); and
 (b) instead, include in that notional assessable income the first‑tier FIF's notional income worked out under section 576.

 (8) If the taxpayer mentioned in paragraphs (1)(b) and (3)(c) is the first‑tier FIF mentioned in section 576 (because of the effect of section 576 on this section):
 (a) treat the references in those paragraphs to the taxpayer as references to the actual taxpayer (and not to the first‑tier FIF); and
 (b) if, as a result of paragraph (a), the actual taxpayer has made a choice under subsection (1) in relation to a FIF (the second‑tier FIF)—in working out the second‑tier FIF's notional assessable income for the purposes of paragraph (3)(a):
 (i) disregard paragraphs 384(2)(ca) and 385(2)(ca) (which deal with amounts included in notional assessable income under Part XI); and
 (ii) instead, include in that notional assessable income the second‑tier FIF's notional income worked out under section 579.

Note: The actual taxpayer cannot make a choice under subsection (1) in relation to a third‑tier FIF, because the calculation method is not available in respect of a third‑tier FIF (see subparagraph 579(b)(ii)).

Definitions

 (9) In this section:

AFI entity has the same meaning as in section 326.

AFI subsidiary has the same meaning as in Part X (see section 326).

attributable taxpayer has the same meaning as in Part X (see section 361).

attribution percentage has the same meaning as in Part X (see section 362).

notional allowable deductions has the same meaning as in Part X (see section 382).

notional assessable income has the same meaning as in Part X (see section 382).

Income Tax Assessment Act 1997