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 following table explains what the expression tax cost is set at the start of the hybrid year or the post-hybrid year means, in relation to an asset in which a partner has an interest or in relation to an asset of the entity, for the purposes of each *asset-based income tax regime:
| Tax cost is set | ||
| Item | If the following asset-based income tax regime is to apply: | The expression means that: |
| 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 hybrid year or the post-hybrid year is varied so that it equals the partner ' s *tax cost setting amount for the interest, or the entity ' s tax cost setting amount for the asset, at that time in relation to the *asset-based income tax regime |
| 2 | Division 70 | the value of the interest or the asset at the start of the hybrid year or the post-hybrid year under Division 70 is varied so that it equals the partner ' s *tax cost setting amount for the interest, or the entity ' s tax cost setting amount for the asset, at that time in relation to the *asset-based income tax regime |
| 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 hybrid year or the post-hybrid year is varied so that it equals the partner ' s *tax cost setting amount for the interest, or the entity ' s tax cost setting amount for the asset, at that time in relation to the *asset-based income tax regime |
| 4 | Division 16E of Part III of the Income Tax Assessment Act 1936 | the Division applies as if the interest or the asset were *acquired by the partner or the entity at the start of the hybrid year or the post-hybrid year for a payment equal to the partner ' s *tax cost setting amount for the interest, or the entity ' s tax cost setting amount for the asset, at that time in relation to the *asset-based income tax regime |
| 5 | Any other provision of this Act or the Income Tax Assessment Act 1936 | the cost of the interest or asset at the start of the hybrid year or the post-hybrid year is varied so that it equals the partner ' s *tax cost setting amount for the interest, or the entity ' s tax cost setting amount for the asset, at that time in relation to the *asset-based income tax regime |
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