Section EX 48 — Income Tax Act 2007: Default calculation method

EX 48 Default calculation method When this section applies (1) This section applies when— (a) a person does not choose a calculation method to calculate FIF income or loss from an attributing interest for a period; and (b) sections EX 46 , EX 47 , and EX 62 do not have the effect of requiring a particular calculation method to be used. Default choice (2) The person is treated as having chosen to use, for the period,— (a) the fair dividend rate method if it is practical to use it; and (b) the cost method if it is not practical to use the fair dividend rate method. Defined in this Act: attributing interest , calculation method , cost method , direct income interest , fair dividend rate method , FIF income , foreign company , loss , Compare: 2004 No 35 s EX 41 Section EX 48(2) heading: replaced (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 33(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section EX 48(2): replaced (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 33(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section EX 48 list of defined terms accounting profits method : repealed (with effect on 1 July 2011), on 7 May 2012, by section 33(2) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section EX 48 list of defined terms comparative value method : repealed (with effect on 1 July 2011), on 7 May 2012, by section 33(2) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section EX 48 list of defined terms deemed rate of return method : repealed (with effect on 1 July 2011), on 7 May 2012, by section 33(2) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).