Income Tax Assessment Act 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

PART 4-5 - GENERAL  

Division 832 - Hybrid mismatch rules  

Subdivision 832-D - Hybrid payer mismatch  

Operative provisions

SECTION 832-310   Hybrid mismatch  

832-310(1)    
A payment gives rise to a hybrid mismatch if:

(a) the payment gives rise to a *deduction/non-inclusion mismatch; and

(b) the payment meets the hybrid requirement in section 832-315 .

Amount of the hybrid mismatch

832-310(2)    
The amount of the *hybrid mismatch is the lesser of:

(a) the amount of the *deduction/non-inclusion mismatch; and

(b) if there is an excess under either subparagraph 832-315(2)(b)(i) or 832-315(3)(b)(i) - the amount of the excess.

Ordering rule

832-310(3)    
However, a payment does not give rise to a hybrid mismatch under this section if it gives rise to a *hybrid financial instrument mismatch.