Income Tax Assessment Act 1936
PART IIIB
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AUSTRALIAN BRANCHES OF FOREIGN BANKS
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) .
Division 5
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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) .
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