Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 842.240

Extended meaning of IMR widely held entity--temporary circumstances outside entity's control

                   Without limiting section 842- 230, an entity is an IMR widely held entity if:

                     (a)  apart from a particular circumstance, the entity would be an * IMR widely held entity because of section 842- 230; and

                     (b)  the circumstance is temporary; and

                     (c)  the circumstance arose outside the entity's control; and

                     (d)  it is fair and reasonable to treat the entity as an IMR widely held entity, having regard to the following matters:

                              (i)  the matters in paragraphs (b) and (c);

                             (ii)  the nature of the circumstance;

                            (iii)  the actions (if any) taken by the entity to address or remove the circumstance, and the speed with which such actions are taken;

                            (iv)  any other relevant matter.

Independent Australian fund managers



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