INCOME TAX ASSESSMENT ACT 1997 - SECT 842.210 IMR concessions apply only to foreign residents etc.

INCOME TAX ASSESSMENT ACT 1997 - SECT 842.210

  (1)   This Subdivision applies only for the purposes of working out the assessable income of an entity (the foreign entity ) that:

  (a)   is a foreign resident; and

  (b)   is not a trust or partnership.

  (2)   Despite subsection   (1), this Subdivision applies in relation to a partnership or trust, to the extent necessary to work out an amount included in the assessable income of the foreign entity.

Note 1:   This Subdivision applies, for example, in working out the net income of a partnership or trust, to the extent necessary to work out the assessable income, attributable to that partnership or trust, of a partner or beneficiary who is a foreign resident.

Note 2:   This Subdivision could operate in relation to an entity (if it is a partnership or trust) and/or one or more partnerships or trusts interposed between the entity and the foreign resident.