Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 842.230

  (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).