Document ID: chunk:federal_register_of_legislation:C2012A00126:clause:2_1:p8
Version: federal_register_of_legislation:C2012A00126
Segment Type: clause
Provision Reference: sch 2 cl 1 (pt 8/11)
Character Range: 55801–58481

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 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