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.
This section applies if:
(a) an entity is a *foreign hybrid in relation to an income year; and
(b) the entity is in existence at the start of the next income year; and
(c) the entity is not a foreign hybrid in relation to that income year (the post-hybrid year ).
830-85(2)
For the purposes of applying an *asset-based income tax regime for the post-hybrid year and each later income year in relation to which the entity continues not to be a foreign hybrid, the *tax cost is set at the start of the post-hybrid year, for each asset of the entity at that time.
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