INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

PART 4-5 - GENERAL  

Division 842 - Exempt Australian source income and gains of foreign residents  

Subdivision 842-I - Investment manager regime  

SECTION 842-208   Modified meaning of IMR foreign fund for the purposes of earlier income years  

842-208(1)  
This section applies for the purposes of:


(a) this Subdivision (apart from section 842-207 ); and


(b) Subdivision 842-I (Investment Manager Regime) of the Income Tax Assessment Act 1997 , as substituted by Schedule 7 to the Tax and Superannuation Laws Amendment (2015 Measures No 1) Act 2015 (the new IMR Schedule ).

842-208(2)  
Treat an entity as an IMR foreign fund if, and only if:


(a) it is an IMR entity (within the meaning given by section 842-220 of the Income Tax Assessment Act 1997 , as inserted by the new IMR Schedule); and


(b) subject to subsection (3) of this section, it is an IMR widely held entity (within the meaning given by sections 842-230 and 842-240 of the Income Tax Assessment Act 1997 , as inserted by the new IMR Schedule); and


(c) the entity chooses to be treated as an IMR foreign fund for those purposes.

842-208(3)  
Treat subsection 842-230(1) of the Income Tax Assessment Act 1997 , as inserted by the new IMR Schedule, as not applying to the entity.




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