Income Tax Assessment Act 1997
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In the case of a foreign hybrid company, references in this Subdivision that relate to partnerships are to be read subject to Subdivision 830-B . For example, a reference to a partner will be a reference to a shareholder in the company who is treated by Subdivision 830-B as a partner.
The tax cost of a partner's interest in an asset or of an asset of the entity for the purposes of applying an *asset-based income tax regime at the start of the post-hybrid year or the hybrid year is worked out using the following table:
| Tax cost of an asset | ||
| Item | If the asset-based income tax regime is: | the tax cost of the interest or the asset is: |
| 1 | Subdivisions 40-A to 40-D, sections 40-425 to 40-445 and Subdivision 328-D | the *adjustable value of the interest or the asset at the start of the post-hybrid year or the hybrid year |
| 2 | Division 70 | the value of the interest or the asset at the start of the post-hybrid year or the hybrid year under Division 70 |
| 3 | Part 3-1 or 3-3 | the *cost base or *reduced cost base of the interest or the asset at the start of the post-hybrid year or the hybrid year |
| 4 | Division 16E of Part III of the Income Tax Assessment Act 1936 | the amount that the partner or entity would need to receive if it were to dispose of the interest or asset at the start of the post-hybrid year or the hybrid year without an amount being assessable income of, or deductible to, the partner or entity under section 159GS of the Income Tax Assessment Act 1936 |
| 5 | Any other provision of this Act or the Income Tax Assessment Act 1936 | the cost of the interest or the asset at the start of the post-hybrid year or the hybrid year |
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