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 Assessment Act 1936
3 At the end of section 94T
Add:
(2) In determining whether the partnership carries on business in Australia for the purposes of subparagraph (1)(f)(i), if, for the year of income, the partnership is an IMR entity (within the meaning of the Income Tax Assessment Act 1997, but disregarding paragraph 842-220(a) of that Act), disregard business that:
(a) is carried on by the partnership (either by itself directly or by another entity on its behalf); and
(b) solely relates to IMR financial arrangements (within the meaning of that Act).
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