Treasury Laws Amendment (Tax Integrity and Other Measures No. 2) Act 2018 (84 of 2018)

Schedule 1   OECD Hybrid Mismatch Rules

Part 2   Other amendments

Income Tax Assessment Act 1997

13   Subsection 995-1(1)

Insert:

branch hybrid has the meaning given by section 832-485.

branch hybrid mismatch has the meaning given by section 832-470.

deducting hybrid has the meaning given by section 832-550.

deducting hybrid mismatch has the meaning given by section 832-545.

deduction component :

(a) of a *deduction/non-inclusion mismatch - has the meaning given by subsections 832-105(1) and 832-105(2); and

(b) of a *deduction/deduction mismatch - has the meaning given by subsection 832-110(2); and

(c) of a *hybrid financial instrument mismatch - has the meaning given by subsection 832-200(2); and

(d) of a *hybrid payer mismatch - has the meaning given by subsection 832-305(2); and

(e) of a *reverse hybrid mismatch - has the meaning given by subsection 832-395(2); and

(f) of a *branch hybrid mismatch - has the meaning given by subsection 832-470(2); and

(g) of a *deducting hybrid mismatch - has the meaning given by subsection 832-545(2); and

(h) of an *offshore hybrid mismatch - means the *deduction component of the relevant hybrid financial instrument mismatch, hybrid payer mismatch, reverse hybrid mismatch, branch hybrid mismatch or deducting hybrid mismatch.

deduction/deduction mismatch has the meaning given by section 832-110.

deduction/non-inclusion mismatch has the meaning given by section 832-105.

Division 832 control group has the meaning given by section 832-205.

dual inclusion income has the meaning given by section 832-680.

foreign hybrid mismatch rules means a *foreign law corresponding to Division 832.

foreign income tax deduction has the meaning given by section 832-120.

foreign tax period , in relation to an entity, in relation to a foreign tax imposed by a tax law of a foreign country, means the accounting period used by the entity for the purposes of determining the tax base under that law.

hybrid financial instrument mismatch has the meaning given by section 832-200.

hybrid mismatch has the meaning given by sections 832-215, 832-230, 832-310, 832-400, 832-475, 832-545 and 832-620.

hybrid payer has the meaning given by section 832-320.

hybrid payer mismatch has the meaning given by section 832-305.

imported hybrid mismatch has the meaning given by section 832-615.

importing payment , in relation to an *offshore hybrid mismatch, has the meaning given by section 832-625.

liable entity has the meaning given by section 832-325.

neutralising amount :

(a) for a *hybrid payer mismatch - has the meaning given by section 832-330; and

(b) for a *deducting hybrid mismatch - has the meaning given by section 832-560.

offshore hybrid mismatch has the meaning given by sections 832-195, 832-300, 832-390, 832-465 and 832-540.

party , in relation to a *structured arrangement, has the meaning given by subsection 832-210(3).

reverse hybrid has the meaning given by section 832-410.

reverse hybrid mismatch has the meaning given by section 832-395.

structured arrangement has the meaning given by section 832-210.

subject to Australian income tax has the meaning given by section 832-125.

subject to foreign income tax has the meaning given by section 832-130.


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