Document ID: chunk:federal_register_of_legislation:C2024C00267:section:4:p23
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 4 (pt 23/64)
Character Range: 759919–762628

tax loss or net capital loss in relation to the income year, or in any future income year, to the extent the loss is attributable to pre‑2012 IMR income, a pre‑2012 IMR capital gain, a pre‑2012 IMR deduction or a pre‑2012 IMR capital loss.

842‑230  Pre‑2012 IMR deduction
 (1) The pre‑2012 IMR deduction of an IMR foreign fund for an income year is the amount of the fund's deductions for the income year to the extent to which they:
 (a) are attributable to gaining the fund's pre‑2012 IMR income; and
 (b) relate to the 2011‑12 income year, or an earlier income year.
 (2) Disregard the following provisions for the purposes of determining the pre‑2012 IMR deduction of the fund:
 (a) subsection 842‑210(3) (which is about certain amounts of an IMR foreign fund being disregarded);
 (b) paragraph 842‑240(1)(b) (which is about pre‑2012 non‑IMR net income);
 (c) paragraph 842‑245(a) (which is about pre‑2012 non‑IMR partnership net income).

842‑235  Pre‑2012 IMR capital loss
  The pre‑2012 IMR capital loss of an IMR foreign fund for an income year is the sum of the fund's capital losses made in the income year that are attributable to CGT assets that are financial arrangements covered by section 842‑245 of the Income Tax Assessment Act 1997.

842‑240  Pre‑2012 non‑IMR net income, pre‑2012 non‑IMR Division 6E net income and pre‑2012 non‑IMR net capital gain
 (1) A trust's pre‑2012 non‑IMR net income in relation to an income year is determined by calculating the net income of the trust as follows:
 (a) for income years prior to the 2010‑11 income year—disregard the pre‑2012 IMR capital gain and pre‑2012 IMR capital loss;
 (b) disregard the pre‑2012 IMR income and pre‑2012 IMR deduction of the trust for the income year;
 (c) disregard any amount that is included in the trust's assessable income under subsection 207‑35(1) to the extent that the amount is attributable to pre‑2012 IMR income of the trust for the income year;
 (d) if the trust is a beneficiary of another trust—then:
 (i) for the purposes of applying Division 6 of Part III of the Income Tax Assessment Act 1936 to the trust that is a 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
 (ii) for the purposes of applying Division 6E of Part III of the Income Tax Assessment Act 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