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INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 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.



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