Australian government releases draft legislation in relation to the ‘full’ IMR

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The Australian government has released the draft legislation for final ‘third’ element in the Investment Manager Regime (IMR) — being ‘IMR 3’ or the ‘full’ IMR. The release of draft legislation in relation to IMR 3 is particularly welcome. It has been long awaited by managers of, and investors in, foreign funds. The implementation of this ‘full’ IMR was one of the key recommendations from the report by the Australian Financial Centre Forum (the Johnson Report) in 2009.

It is anticipated that the release of the “full” IMR will provide greater flexibility and tax certainty to managers of foreign funds. This is on the basis that the “full” IMR should provide certainty and flexibility to such managers that they are able to engage Australian intermediaries (such as brokers or other service providers) without subjecting the relevant foreign fund to Australian tax…

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