Document ID: chunk:federal_register_of_legislation:C2012A00126:clause:1_1:p12
Version: federal_register_of_legislation:C2012A00126
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 12/13)
Character Range: 31960–34648

of the partner in the non‑IMR partnership net income or non‑IMR partnership loss (within the meaning of those terms in section 842‑265 of the Income Tax Assessment Act 1997).
Note:  The net income of a trust may include a share of the net income of another trust. Where there is a chain of trusts these calculations are applied to each trust in the chain.

Non‑IMR Division 6E net income
 (2) A trust's non‑IMR Division 6E net income in relation to an income year is determined by calculating the Division 6E net income (within the meaning of subsection 102UY(3) of the Income Tax Assessment Act 1936) of the trust as follows:
 (a) disregard the *IMR income and *IMR deduction of the trust in relation to the income year;
 (b) disregard the things mentioned in subparagraphs 102UW(b)(i) to (iii) of the Income Tax Assessment Act 1936 (which are about adjustments of Division 6 assessable amounts) in relation to the income year.

Non‑IMR net capital gain
 (3) A trust's non‑IMR net capital gain in relation to an income year is determined by calculating the *net capital gain of the trust as follows:
 (a) disregard the trust's *IMR capital gain and *IMR capital loss in relation to the income year;
 (b) disregard any capital gain of the trust that is referable to an IMR capital gain of another *IMR foreign fund that is a trust.

842‑265  Non‑IMR partnership net income and non‑IMR partnership loss
  A partnership's non‑IMR partnership net income or non‑IMR partnership loss in relation to an income year is determined by calculating the *net income or *partnership loss of the partnership as follows:
 (a) disregard the *IMR income and *IMR deduction of the partnership for the income year;
 (b) disregard any amount included in the partnership's assessable income under subsection 207‑35(1) to the extent that the amount is attributable to IMR income of the partnership for the income year;
 (c) if the partnership is a beneficiary of a trust—then:
 (i) for the purposes of applying Division 6 of Part III of the Income Tax Assessment Act 1936 to the beneficiary, replace the references in that Division to share of the net income with references to share of the non‑IMR net income (within the meaning of subsection 842‑260(1) of the Income Tax Assessment Act 1997); and
 (ii) for the purposes of applying Division 6E of Part III of the Income Tax Assessment Act 1936 to the beneficiary, replace references in that Division to Division 6E net income with references to non‑IMR Division 6E net income (within the meaning of subsection 842‑260(2) of the Income Tax Assessment Act 1997);
 (d) if the partnership is a partner in another partnership—for the purposes of applying Division