Section EX 44 — Income Tax Act 2007: Five calculation methods

EX 44 Five calculation methods Use of 1 method (1) If the tests in section CQ 5 (When FIF income arises) or DN 6 (When FIF loss arises) are met, the amount of a person’s FIF income or loss is calculated under— (a) [Repealed] (b) the attributable FIF income method; or (c) the comparative value method; or (d) the deemed rate of return method; or (e) the fair dividend rate method; or (f) the cost method. Choosing method (2) The person must choose which calculation method applies by completing their return of income accordingly, but the choice is limited by sections EX 46 , EX 47 , EX 48 , and EX 62 . Defined in this Act: amount , attributable FIF income method , calculation method , comparative value method , cost method , deemed rate of return method , fair dividend rate , FIF income , loss , return of income , Compare: 2004 No 35 s EX 38 Section EX 44 heading: amended (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 31(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section EX 44(1)(a): repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 31(2) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section EX 44(1)(b): replaced (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 31(3) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section EX 44 list of defined terms accounting profits method : repealed (with effect on 1 July 2011), on 7 May 2012, by section 31(4)(a) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section EX 44 list of defined terms attributable FIF income method : inserted (with effect on 1 July 2011), on 7 May 2012, by section 31(4)(b) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section EX 44 list of defined terms branch equivalent method : repealed (with effect on 1 July 2011), on 7 May 2012, by section 31(4)(a) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).