Skip to main content
QB 23/10
15 Dec 2023

Foreign investment fund (FIF) calculation methods in cases of non-compliance

This QWBA explains that a person has a choice of methods to calculate FIF income even if they fail to declare the income in a tax return and later file a voluntary disclosure, or fail to file a tax return by the due date and later provide one including the income.

It also explains what happens if a person does not file a return and the Commissioner issues a default assessment.

This item is particularly relevant for natural persons and eligible trustees.

Tax Information Bulletin - Vol 36 No 1, February 2024