Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 832-330 Neutralising amount 832-330(1)
The neutralising amount for a *hybrid payer mismatch is the amount of the *hybrid mismatch from subsection 832-310(2) , reduced (but not below nil) by the amount of any *dual inclusion income that is available to be applied in working out the neutralising amount.
Australian deduction - inclusions must be in Australia and in the non-including country
832-330(2)
An amount of *dual inclusion income is available to be applied to reduce the *neutralising amount for a *hybrid payer mismatch to which section 832-285 applies if:
(a) the *hybrid payer is eligible to apply the amount (see subsection 832-680(7) ); and
(b) the amount is *subject to Australian income tax for the purposes of subsection 832-680(1) in the income year mentioned in subsection 832-285(1) ; and
(c) the amount is *subject to foreign income tax for the purposes of subsection 832-680(1) in the non-including country identified in subsection 832-320(3) .
Note:
Section 832-680 modifies the meanings of subject to Australian income tax and subject to foreign income tax for the purpose of working out dual inclusion income.
Australian non-inclusion - inclusions must be in Australia and in the deducting country
832-330(3)
An amount of *dual inclusion income is available to be applied to reduce the *neutralising amount for a *hybrid payer mismatch to which section 832-290 applies if:
(a) the *hybrid payer is eligible to apply the amount (see subsection 832-680(7) ); and
(b) the amount is *subject to Australian income tax for the purposes of subsection 832-680(1) in the inclusion year mentioned in subsection 832-290(4) ; and
(c) the amount is *subject to foreign income tax for the purposes of subsection 832-680(1) in the deducting country mentioned in subsection 832-320(2) .
Offshore hybrid mismatch - inclusions must be in the deducting country and the non-including country
832-330(4)
An amount of *dual inclusion income is available to be applied to reduce the *neutralising amount for a *hybrid payer mismatch that is an *offshore hybrid mismatch if:
(a) the *hybrid payer is eligible to apply the amount (see subsection 832-680(7) ); and
(b) in the same *foreign tax period as the period in which the *foreign income tax deduction arose, the amount is *subject to foreign income tax for the purposes of subsection 832-680(1) in the deducting country mentioned in subsection 832-320(2) ; and
(c) the amount is *subject to foreign income tax for the purposes of subsection 832-680(1) in the non-including country identified in subsection 832-320(3) .
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
