Document ID: chunk:federal_register_of_legislation:C2024C00267:section:4:p22
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 4 (pt 22/64)
Character Range: 757544–760131

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 Provisions) Act 1997) as the case may be; and
 (b) replace the reference to a part of the net income of another trust estate with a reference to a part of the pre‑2012 non‑IMR net income (within the meaning of subsection 842‑240(1) of the Income Tax (Transitional Provisions) Act 1997) of another trust estate.
Note: The effect of this subsection is that the trustee of a trust that receives a distribution of pre‑2012 non‑IMR net income from another trust is not required to apply section 98, 99 or 99A of the Income Tax Assessment Act 1936 to those amounts.

Certain losses disregarded
 (7) The IMR foreign fund cannot utilise a 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