Document ID: chunk:federal_register_of_legislation:C2012A00126:clause:2_1:p7
Version: federal_register_of_legislation:C2012A00126
Segment Type: clause
Provision Reference: sch 2 cl 1 (pt 7/11)
Character Range: 53413–56031

extent that it is attributable to a pre‑2012 IMR capital loss for the purposes of determining how much of a capital gain that is not a pre‑2012 IMR capital gain remains after applying steps 1 to 4 of the method statement in subsection 102‑5(1).
Note: The effect of this subsection is that the increase to the assessable amount which occurs as a result of section 115‑220 of the Income Tax Assessment Act 1997 is calculated with reference to the capital gains of the IMR foreign fund that are not IMR capital gains or amounts referable to IMR capital gains (rather than by calculating the increase with reference to all capital gains of the fund).

Modifications to section 115‑225 of the Income Tax Assessment Act 1997
 (4) For the purposes of applying section 115‑225 of the Income Tax Assessment Act 1997 in respect of section 115‑220, make the following assumptions:
 (a) replace the references in section 115‑225 to the net income of the trust estate with references to the pre‑2012 non‑IMR net income (within the meaning of subsection 842‑240(1) of the Income Tax (Transitional Provisions) Act 1997) of the trust estate;
 (b) replace the references in section 115‑225 to net capital gain (if any) with a reference to pre‑2012 non‑IMR net capital gain (if any) (within the meaning of subsection 842‑240(3) of the Income Tax (Transitional Provisions) Act 1997).

Modifications to section 98 of the Income Tax Assessment Act 1936
 (5) For the purposes of applying section 98 of the Income Tax Assessment Act 1936 in respect of an income year that is the 2010‑11 income year or an earlier income year, replace references in that section to net income with references to pre‑2012 non‑IMR net income (within the meaning of subsection 842‑240(1) of the Income Tax (Transitional Provisions) Act 1997).
Note: The effect of this subsection is that where section 98 of the Income Tax Assessment Act 1936 applies to the trustee of a trust that is an IMR foreign fund, the trustee is only assessed and made liable to pay tax in respect of pre‑2012 non‑IMR net income of the fund (rather than in respect of all net income of the fund to which section 98 would otherwise apply).

Modifications to section 99E of the Income Tax Assessment Act 1936
 (6) For the purposes of applying section 99E of the Income Tax Assessment Act 1936 in respect of an income year that is the 2010‑11 income year or an earlier income year:
 (a) replace the reference to so much of the net income with a reference to so much of the net income or pre‑2012 non‑IMR net income (within the meaning of subsection 842‑240(1) of the Income Tax (Transitional