Investment Manager Regime (IMR) law enacted
On 24 June 2015, the legislation containing the third and final element of the Investment Manager Regime (IMR 3) received Royal Assent, and is now enacted law. This is the culmination of a lengthy process commencing in December 2010. This legislation follows on from a Bill that was introduced into Parliament in May 2015: a copy of the May 2015 tax insights can be viewed here. A number of last-minute changes were made to improve the operation of the IMR.
The IMR should be welcomed by non-Australian residents such as hedge funds investing in Australia, and funds which engage independent Australian fund managers. Funds should undertake an IMR review to determine whether they qualify for the IMR concession for any year (including prior years) in which income or gains from investments might otherwise be subject to Australian tax.