INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 (ARCHIVE)

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

PART 4-5 - GENERAL  

Division 830 - Application of the foreign hybrid rules  

SECTION 830-5 (ARCHIVE)   Election to extend standard application for foreign hybrids  

830-5(1)    
If a taxpayer will, as a result of making an election under this subsection, be a partner in an entity that is a foreign hybrid in relation to the 2002-2003 income year, the taxpayer may elect that Division 830 of the Income Tax Assessment Act 1997 applies to the taxpayer's assessment for the 2002-2003 income year.

830-5(2)    
If:

(a) a taxpayer is, as a result of subsection 830-1(1) of this Act, a partner in an entity that is a foreign hybrid in relation to the 2003-2004 income year; and

(b) the entity is a foreign hybrid in relation to that income year in a case where the requirements in subsection 830-15(3) of the Income Tax Assessment Act 1997 are satisfied;

the taxpayer may elect that Division 830 of the Income Tax Assessment Act 1997 applies to the taxpayer's assessment for the 2002-2003 income year as if the entity were a foreign hybrid in relation to that income year.

830-5(3)    
A taxpayer must make an election under this section:

(a) on or before the day on which the taxpayer lodges its income tax return for the 2003-2004 income year; or

(b) within a further time allowed by the Commissioner.

830-5(4)    
The election is irrevocable.