*Investment Manager Regime Bill receives Assent – ‘FIN 48’ (Element 1) for 2010-11 and earlier years – ‘conduit income’ (Element 2) for 2010-11 and subsequent years [4]

The Tax Laws Amendment (Investment Manager Regime) Bill 2012 received Royal Assent on Thur 13.9.2012, as Act No 126 of 2012. The Bill had passed all stages without amendment and contains the first 2 elements of the Government’s Investment Manager Regime – the FIN 48 measures or “Element 1” of the IMR and the “conduit income” measures or “Element 2” of the IMR.

DATE OF EFFECT: The Element 1 amendments will apply for the 2010-11 income year and previous income years, and the Element 2 conduit income amendments will apply to assessments for the 2010 -11 income year and later income years.

[LTN 178, 13/9]