Income Tax (Transitional Provisions) Act 1997

This section applies for the purposes of:

this Subdivision (apart from section 842‑207); and

Subdivision 842‑I (Investment Manager Regime) of the Income Tax Assessment Act 1997, as substituted by Schedule 7 to the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 (the new IMR Schedule).

Treat an entity as an IMR foreign fund if, and only if:

it is an IMR entity (within the meaning given by section 842‑220 of the Income Tax Assessment Act 1997, as inserted by the new IMR Schedule); and

subject to subsection (3) of this section, it is an IMR widely held entity (within the meaning given by sections 842‑230 and 842‑240 of the Income Tax Assessment Act 1997, as inserted by the new IMR Schedule); and

the entity chooses to be treated as an IMR foreign fund for those purposes.

Treat subsection 842‑230(1) of the Income Tax Assessment Act 1997, as inserted by the new IMR Schedule, as not applying to the entity.