Document ID: chunk:federal_register_of_legislation:C2012A00126:clause:2_1:p3
Version: federal_register_of_legislation:C2012A00126
Segment Type: clause
Provision Reference: sch 2 cl 1 (pt 3/11)
Character Range: 43812–46521

2010‑11 income year, or any earlier income year, before the day that item 1 of Schedule 1 to the Tax Laws Amendment (Investment Manager Regime) Act 2012 commences; and
 (d) the Commissioner did not, before 18 December 2010, make an assessment of the beneficiary for any income year.
Note: A trust that is an IMR foreign fund is generally subject to the general tax rules that apply to trusts, subject to the modifications in this Subdivision: see Division 6 of Part III of the Income Tax Assessment Act 1936. Also see section 842‑225 of this Act, which deals with trustees of IMR foreign funds.

Adjustments to calculation of taxable income, tax loss or net capital loss
 (3) In working out the beneficiary's taxable income, tax loss or net capital loss for the income year:
 (a) 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 pre‑2012 non‑IMR net income (within the meaning of subsection 842‑240(1) of the Income Tax (Transitional Provisions) Act 1997); and
 (b) for the purposes of applying subsections 98A(1) and (3) of Division 6 of Part III of the Income Tax Assessment Act 1936 to the beneficiary, replace the references in those subsections to individual interest of the beneficiary in the net income with references to individual interest of the beneficiary in the pre‑2012 non‑IMR net income (within the meaning of subsection 842‑240(1) of the Income Tax (Transitional Provisions) Act 1997); and
 (c) for the purposes of applying Division 6E of Part III of the Income Tax Assessment Act 1936 to the beneficiary, replace the 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(2) of the Income Tax (Transitional Provisions) Act 1997); and
 (d) in applying subsection 115‑215(3) of the Income Tax Assessment Act 1997 to the beneficiary, replace the reference in that subsection to each capital gain of the trust estate with a reference to each capital gain of the trust estate that is a pre‑2012 non‑IMR net capital gain (or is referable to a pre‑2012 non‑IMR net capital gain of the trust estate) (within the meaning of subsection 842‑240(3) of the Income Tax (Transitional Provisions) Act 1997); and
 (e) in applying section 115‑225 of the Income Tax Assessment Act 1997 to the beneficiary:
 (i) replace references in that section to net income of the trust estate with references to pre‑2012 non‑IMR net income of the trust estate (within the meaning of subsection 842‑240(1) of the Income Tax (Transitional Provisions) Act 1997); and