Summary
Amends the: Income Tax Assessment Act 1997 to prescribe the tax treatment of returns, gains, losses and deductions on certain investments of widely held foreign funds; Income Tax (Transitional Provisions) Act 1997 to clarify the tax treatment of returns, gains, losses and deductions on certain investments of widely held foreign funds for the 2010-11 and earlier income years where the fund has not lodged a tax return or had an assessment made of their income tax liability; and proposed Tax Laws Amendment (Cross-Border Transfer Pricing) Act (No. 1) 2012 to make consequential amendments.