Income Tax Assessment Act 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

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Chapter 4 inserted by No 162 of 2001.

PART 4-5 - GENERAL  

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Part 4-5 inserted by No 162 of 2001.

Division 830 - Foreign hybrids  

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Div 830 inserted by No 101 of 2004.

Subdivision 830-C - Special rules applicable while an entity is a foreign hybrid  

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Note:

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.

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Subdiv 830-C inserted by No 101 of 2004.

SECTION 830-65   Meaning of outstanding foreign hybrid revenue loss amount  

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830-65(1)    
This section applies if a *foreign hybrid revenue loss amount of a partner in a *foreign hybrid in relation to an income year (the reduction year ) is reduced under subsection 830-45(2) .

830-65(2)    
The partner has, for each later income year, an outstanding foreign hybrid revenue loss amount equal to the amount of the reduction, less the sum of any deductions allowable to the partner under subsection 830-50(2) or (3) in respect of the outstanding foreign hybrid revenue loss amount for income years between the reduction year and the later income year.

Outstanding foreign hybrid revenue loss amount not to form part of tax loss

830-65(3)    

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To avoid doubt, a partner ' s *outstanding foreign hybrid revenue loss amount for an income year cannot form part of a *tax loss for the purposes of Division 36 or 160 .

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S 830-65(3) amended by No 92 of 2020, s 3 and Sch 2 item 31, by inserting " or 160 " , effective 1 January 2021.

S 830-65(3) amended by No 96 of 2014, s 3 and Sch 2 item 29, by omitting " or 160 " after " Division 36 " , effective 30 September 2014 and applicable to assessments for the income year before the income year in which this Schedule commences, for the income year in which this Schedule commences and for later income years. For transitional and saving provision see note under Div 160 heading.

S 830-65(3) amended by No 88 of 2013, s 3 and Sch 6 item 65, by inserting " or 160 " , effective 29 June 2013.

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S 830-65 inserted by No 101 of 2004.

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