Income Tax (Transitional Provisions) Act 1997
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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