Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 842.208

  (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.