For those of you who may be interested the ATO has repealed the FIF and FLP Rules with effect from July 2010. This means that for the tax year 2010/11 you will no longer be required to compute the deemed tax due under these draconian rules. Steps will be in place to ensure that you don't get double taxed on those gains that you have already declared in previous years.

You will still be subject to the normal income tax rules on dividends and still subject to CGT on disposals of shares and policies.