Tax Laws Amendment (Investment Manager Regime) Act 2012 (126 of 2012)

Schedule 1   Investment manager regime

Income Tax Assessment Act 1997

2   Subparagraphs 842-250(1)(c)(i) and (ii)

Repeal the subparagraphs, substitute:

(i) in respect of an entity that is resident in a country that has entered into an *international tax agreement with Australia containing a *business profits article - amounts included in the assessable income of the fund are treated as having a source in Australia because they are attributable to a permanent establishment of the fund in Australia; or

(ii) in respect of an entity that has not entered into an international tax agreement with Australia - the Commissioner makes a determination under section 136AE of the Income Tax Assessment Act 1936; or