Income Tax Assessment Act 1997
In the case of a foreign hybrid company, references in this Subdivision that relate to partnerships are to be read subject to Subdivision 830-B . For example, a reference to a partner will be a reference to a shareholder in the company who is treated by Subdivision 830-B as a partner.
This section applies if:
(a) an entity is a *foreign hybrid in relation to an income year (the hybrid year ); and
(b) the entity was in existence at the end of the preceding income year (which may be the income year before this Division first applies to the entity); and
(c) the entity was not a foreign hybrid in relation to that preceding income year. 830-80(2)
For the purposes of applying an *asset-based income tax regime for the hybrid year and each later income year in relation to which the entity continues to be a foreign hybrid, the *tax cost is set at the start of the hybrid year, for each asset of the *foreign hybrid in which each partner has an interest at that time.