A new Australian investment manager regime (IMR) is set to take effect on July 1, with possible retroactive effect to 2011.  Following the U.K. Investment Manager Exemption model, the IMR is intended to provide eligible foreign investors with relief from Australian tax with respect to most investments in Australia.  In a guest article, Nikki Bentley and Seema Mishra, partner and special counsel, respectively, at Henry Davis York, discuss the history and current status of the IMR provisions; elements and scope of Australian tax exemptions under the IMR; certain considerations when establishing a hedge fund in Australia under the IMR; the potential impact of the IMR on the hedge fund industry in Australia; and a comparison of the Australian IMR to other similar regimes.  For more on the Australian IMR, see “Key Hedge Fund Tax Developments in the U.K., the European Union, Ireland, Germany, Spain, Australia, India and Puerto Rico,” Hedge Fund Law Report, Vol. 6, No. 26 (Jun. 27, 2013).