Document ID: chunk:federal_register_of_legislation:C2024C00267:section:4:p24
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 4 (pt 24/64)
Character Range: 762374–765132

1936 to the trust that is a beneficiary, replace references in that Division to Division 6E net income with references to pre‑2012 non‑IMR Division 6E net income (within the meaning of subsection 842‑240(1) of the Income Tax (Transitional Provisions) Act 1997);
 (e) if the trust is a partner in a partnership—for the purposes of applying Division 5 of Part III of the Income Tax Assessment Act 1936 to the partner, replace the references to the individual interest of the partner in the partnership net income or partnership loss with references to the individual interest of the partner in the pre‑2012 non‑IMR partnership net income or pre‑2012 non‑IMR partnership loss (within the meaning of subsection 842‑240(1) of the Income Tax (Transitional Provisions) 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.

Pre‑2012 non‑IMR Division 6E net income
 (2) A trust's pre‑2012 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 pre‑2012 IMR income and pre‑2012 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 is about adjustments of Division 6 assessable amounts) in relation to the income year.

Pre‑2012 non‑IMR net capital gain
 (3) A trust's pre‑2012 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 pre‑2012 IMR capital gain and pre‑2012 IMR capital loss in relation to the income year;
 (b) disregard any capital gain of the trust in relation to the income year that is referable to a pre‑2012 IMR capital gain of another IMR foreign fund that is a trust.

842‑245  Pre‑2012 non‑IMR partnership net income and pre‑2012 non‑IMR partnership loss
  A partnership's pre‑2012 non‑IMR partnership net income or pre‑2012 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 pre‑2012 IMR income and pre‑2012 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 pre‑2012 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