Section GB 16 — Income Tax Act 2007: FIF income or loss: arrangements for measurement day concessions

GB 16 FIF income or loss: arrangements for measurement day concessions When this section applies (1) This section applies when— (a) an attributing interest in a foreign investment fund (FIF) is transferred by a person to an associated person; and (b) the associated persons make an arrangement for making or not making— (i) an election under section EX 26(3) (Use of quarterly measurement); or (ii) [Repealed] (iii) a combination of those elections; and (c) the arrangement has an effect of defeating the intent and application of the international tax rules. Treatment of election (2) The Commissioner may treat an election as having been made or not made, as applicable, to the extent appropriate to prevent the effect of the arrangement. Defined in this Act: arrangement , associated person , attributing interest , FIF , Commissioner , international tax rules , Compare: 2004 No 35 s GC 10 Section GB 16(1)(b)(ii): repealed (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 69(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).