Income Tax Assessment Act 1997
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Hide history noteSECTION 832-215 Hybrid mismatch 832-215(1)
A payment gives rise to a hybrid mismatch if:
(a) the payment is made under any of the following:
(i) a *debt interest;
(ii) an *equity interest;
(iii) a *derivative financial arrangement;
(iv) an *arrangement covered by subsection (2); and
(b) the payment might reasonably be expected to give rise to a *deduction/non-inclusion mismatch; and
(c) the mismatch that might reasonably be expected to arise, or a part of that mismatch, meets a hybrid requirement in section 832-220 or 832-225 .
Transfers of financial instruments
832-215(2)
An *arrangement is covered by this subsection if:
(a) the arrangement is any of the following:
(i) a reciprocal purchase agreement (otherwise known as a repurchase agreement);
(ii) a securities lending arrangement;
(iii) a similar arrangement; and
(b) an entity acquires any of the following under the arrangement:
(i) a *debt interest;
(ii) an *equity interest;
(iii) a *derivative financial arrangement.
Amount of the hybrid mismatch
832-215(3)
The amount of the *hybrid mismatch is:
(a) the amount of the *deduction/non-inclusion mismatch, unless paragraph (b) applies; or
(b) if only a part of the deduction/non-inclusion mismatch meets a hybrid requirement mentioned in paragraph (1)(c) - the amount of that part of the deduction/non-inclusion mismatch.
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