Document ID: chunk:federal_register_of_legislation:C2012A00126:clause:1_1:p13
Version: federal_register_of_legislation:C2012A00126
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 13/13)
Character Range: 34393–36133

Division 6E net income with references to non‑IMR Division 6E net income (within the meaning of subsection 842‑260(2) of the Income Tax Assessment Act 1997);
 (d) if the partnership is a partner in another partnership—for the purposes of applying Division 5 of Part III of the Income Tax Assessment Act 1936 to the partnership that is a partner, replace the references in that Division 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 non‑IMR partnership net income or non‑IMR partnership loss (within the meaning of those terms in section 842‑265 of the Income Tax Assessment Act 1997).
Note:  The net income of a partnership may include a share of the net income of another partnership. Where there is a chain of partnerships, these calculations are applied to each partnership in the chain.

842‑270  Pre‑2012 IMR income and pre‑2012 IMR capital gain

Pre‑2012 IMR income
 (1) The pre‑2012 IMR income for an income year that is the 2010‑11 income year or an earlier income year of an *IMR foreign fund is the sum of the fund's assessable income made in the income year in respect of *financial arrangements covered by section 842‑245.
 (2) Disregard subsection 842‑210(3) (which is about certain amounts of an IMR foreign fund being disregarded) for the purposes of determining the *pre‑2012 IMR income of the fund.

Pre‑2012 IMR capital gain
 (3) The pre‑2012 IMR capital gain for an income year that is the 2010‑11 income year or an earlier income year of an *IMR foreign fund is the sum of the fund's *capital gains made in the income year in respect of *CGT assets that are *financial arrangements covered by section 842‑245.