Income Tax Assessment Act 1997
CHAPTER 4
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INTERNATIONAL ASPECTS OF INCOME TAX
PART 4-5
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GENERAL
Division 830
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Foreign hybrids
Subdivision 830-C
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Special rules applicable while an entity is a foreign hybrid
SECTION 830-70
Meaning of
outstanding foreign hybrid net capital loss amount
830-70(1)
This section applies if a * foreign hybrid net capital loss amount of a partner in a * foreign hybrid in relation to an income year (the reduction year ) is reduced under subsection 830-45(2) .
830-70(2)
The partner has, for each later income year, an outstanding foreign hybrid net capital loss amount equal to the amount of the reduction, less the sum of any * capital losses that, as a result of subsection 830-50(2) or (3), the partner makes in respect of * CGT event K12 in respect of the outstanding foreign hybrid net capital loss amount for income years between the reduction year and the later income year.
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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 * foreign hybrid net capital loss amount of a partner in a * foreign hybrid in relation to an income year (the reduction year ) is reduced under subsection 830-45(2) .
830-70(2)
The partner has, for each later income year, an outstanding foreign hybrid net capital loss amount equal to the amount of the reduction, less the sum of any * capital losses that, as a result of subsection 830-50(2) or (3), the partner makes in respect of * CGT event K12 in respect of the outstanding foreign hybrid net capital loss amount for income years between the reduction year and the later income year.