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 832 - Hybrid mismatch rules  

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Div 832 inserted by No 84 of 2018, s 3 and Sch 1 item 1, effective 1 October 2018.

Subdivision 832-C - Hybrid financial instrument mismatch  

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Subdiv 832-C inserted by No 84 of 2018, s 3 and Sch 1 item 1, effective 1 October 2018 and applicable to assessments for income years starting on or after 1 January 2019 (see s 832-10 of the Income Tax (Transitional Provisions) Act 1997 ).

Operative provisions

SECTION 832-195   When a hybrid financial instrument mismatch is an offshore hybrid mismatch  

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832-195(1)    
A *hybrid financial instrument mismatch is an offshore hybrid mismatch if:

(a) the *deduction component of the mismatch is a *foreign income tax deduction; and

(b) no amount becomes *subject to Australian income tax as a result of the application of section 832-185 in relation to the mismatch; and

(c) the mismatch is not covered by *foreign hybrid mismatch rules that correspond to this Subdivision, or by a law that has substantially the same effect as foreign hybrid mismatch rules that correspond to this Subdivision.

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Note:

An offshore hybrid mismatch might give rise to an imported hybrid mismatch: see Subdivision 832-H .

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S 832-195(1) amended by No 79 of 2020, s 3 and Sch 1 item 43, by substituting para (c), effective 1 October 2020 and applicable to assessments for income years starting on or after 1 January 2020. Para (c) formerly read;

(c) none of the following countries has *foreign hybrid mismatch rules, or another law that has substantially the same effect as foreign hybrid mismatch rules:

(i) the country in which the foreign income tax deduction arose;

(ii) any country in which income or profits of the recipient of the payment are *subject to foreign income tax.

832-195(2)    
The amount of the *offshore hybrid mismatch is the amount of the *hybrid financial instrument mismatch.

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History

S 832-195 inserted by No 84 of 2018, s 3 and Sch 1 item 1, effective 1 October 2018.

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