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 842-230   Pre-2012 IMR deduction  

842-230(1)  
The pre-2012 IMR deduction of an IMR foreign fund for an income year is the amount of the fund ' s deductions for the income year to the extent to which they:


(a) are attributable to gaining the fund ' s pre-2012 IMR income; and


(b) relate to the 2011-12 income year, or an earlier income year.

842-230(2)  
Disregard the following provisions for the purposes of determining the pre-2012 IMR deduction of the fund:


(a) subsection 842-210(3) (which is about certain amounts of an IMR foreign fund being disregarded);


(b) paragraph 842-240(1)(b) (which is about pre-2012 non-IMR net income);


(c) paragraph 842-245(a) (which is about pre-2012 non-IMR partnership net income).




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