Income Tax Assessment Act 1936

PART IIIB - AUSTRALIAN BRANCHES OF FOREIGN BANKS  

Division 5 - Modifications relating to hybrid mismatch rules  

SECTION 160ZZZP   DUAL INCLUSION INCOME NOT TO BE APPLIED MORE THAN ONCE  

160ZZZP(1)    
For the purposes of paragraphs 160ZZZL(3)(c) and 160ZZZN(1)(c) , an amount of income or profits is to be disregarded if:

(a)    the amount is dual inclusion income; and

(b)    the amount has been applied by a provision of Division 832 of the Income Tax Assessment Act 1997 .

160ZZZP(2)    
For the purposes of Division 832 of that Act, an amount of dual inclusion income is not available to be applied by a provision of that Division if it has been taken into account under paragraph 160ZZZL(3)(c) or subsection 160ZZZN(2) .