Income Tax (Transitional Provisions) Act 1997
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Hide history noteThis 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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