Document ID: chunk:federal_register_of_legislation:C2024C00267:section:4:p20
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 4 (pt 20/64)
Character Range: 752719–755414

return in relation to the 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 taxable income of the partner for any income year.
Note: A partnership that is an IMR foreign fund is generally subject to the general tax rules that apply to partnerships, subject to the modifications set out in this Subdivision: see Division 5 of Part III of the Income Tax Assessment Act 1936.

Adjustments to calculation of taxable income, tax loss or net capital loss
 (3) In working out the partner's taxable income, tax loss or net capital loss for the income year:
 (a) for the purposes of applying Division 5 of Part III of the Income Tax Assessment Act 1936 to the partner, replace the references in that Division to the individual interest of the partner in the net income of the partnership with references to the individual interest of the partner in the pre‑2012 non‑IMR partnership net income (within the meaning of section 842‑245 of the Income Tax (Transitional Provisions) Act 1997); and
 (b) for the purposes of applying Division 5 of Part III of the Income Tax Assessment Act 1936 to the partner, replace the references in that Division to the individual interest of the partner in the partnership loss with references to the individual interest of the partner in the pre‑2012 non‑IMR partnership loss (within the meaning of section 842‑245 of the Income Tax (Transitional Provisions) Act 1997); and
 (c) disregard the partner's pre‑2012 IMR capital gain or an amount that is referable to a pre‑2012 IMR capital gain (within the meaning of subsection 842‑270(3) of the Income Tax Assessment Act 1997) or pre‑2012 IMR capital loss or an amount that is referable to a pre‑2012 IMR capital loss (within the meaning of that term in section 842‑235 of this Act).

Fraud
 (4) Subsection (3) does not apply if the Commissioner has reason to believe that there has been fraud by the partnership in relation to any income year.

Audit or compliance review
 (5) Subsection (3) does not apply if before 18 December 2010 the Commissioner notified the partnership that an audit or compliance review would be undertaken in relation to any income year.

842‑225  Treatment of trustee of an IMR foreign fund

Objects
 (1) The object of this section is to ensure that the following provisions interact appropriately with the tax concessions mentioned in subsection 842‑210(1), paragraphs 842‑215(1)(a) and (b) and paragraphs 842‑220(1)(a) and (b) in respect of the 2010‑11 income year or an earlier income year:
 (a)