Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 (70 of 2015)

Schedule 7   Investment Manager Regime

Part 2   Other amendments

Income Tax (Transitional Provisions) Act 1997

12   Before section 842-210

Insert:

842-207 Application of replacement version of Subdivision 842-I

(1) The new Subdivision 842-I applies, or is taken to have applied, in relation to:

(a) the 2015-16 income year and later income years; and

(b) if an entity chooses to apply the new Subdivision 842-I in relation to the 2011-12, 2012-13, 2013-14 and 2014-15 income years - those income years.

(2) In this section:

new Subdivision 842-I means 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.

Note: The new Subdivision 842-I replaced a previous version of that Subdivision, which applied in relation to assessments for the 2010-11 income year and later income years (see item 17 of Schedule 1 to the Tax Laws Amendment (Investment Manager Regime) Act 2012).

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

(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 ).

(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.

(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.

842-209 Residence of corporate limited partnerships

If an IMR entity makes a choice under paragraph 842-208(2)(c), section 94T of the Income Tax Assessment Act 1936 as amended by Schedule 7 to the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015, applies to the entity in relation to the income years in relation to which this Subdivision applies to the entity.