Income Tax Assessment Act 1997



Division 830 - Foreign hybrids  

Subdivision 830-C - Special rules applicable while an entity is a foreign hybrid  


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.

SECTION 830-45   Partner's revenue and net capital losses from foreign hybrid not to exceed partner's loss exposure amount  

This section applies to a *limited partner in a *foreign hybrid in relation to an income year if the sum of the following amounts:

(a) any amount (a foreign hybrid revenue loss amount ) allowable to the partner as a deduction under subsection 92(2) of the Income Tax Assessment Act 1936 in respect of a *partnership loss of the foreign hybrid for the income year;

(b) any *foreign hybrid net capital loss amount of the partner in respect of the foreign hybrid for the income year;

exceeds the partner's *loss exposure amount for the income year.

Reduction in foreign hybrid revenue loss amount or foreign hybrid net capital loss amount

If this section applies, the amount mentioned in paragraph (1)(a) or (b), or each of the amounts mentioned in those paragraphs, is reduced so that in total they equal the partner's *loss exposure amount. The partner must choose how much of the reduction is applied to each of the amounts. Effect of reducing foreign hybrid net capital loss amount

If the partner's *foreign hybrid net capital loss amount in respect of the *foreign hybrid for the income year is reduced under subsection (2), the partner's *net capital gain or *net capital loss for the income year is worked out by assuming that the *capital gains and *capital losses taken into account in working out the partner's foreign hybrid net capital loss amount were instead a capital loss equal to the foreign hybrid net capital loss amount after the reduction.


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