Income Tax Assessment Act 1997
An amount of a loss or outgoing is a foreign income tax deduction in a foreign country in a *foreign tax period to which an entity is entitled, if the entity is entitled to deduct the amount in working out its tax base for the foreign tax period under a law of the foreign country dealing with *foreign income tax (except a tax covered by subsection 832-130(7) ).
To avoid doubt, an amount of a loss or outgoing may be a foreign income tax deduction in a foreign country in a *foreign tax period even if the relevant entity ' s tax base is nil, or a negative amount. Effect of foreign hybrid mismatch rules 832-120(3)
In determining for the purposes of this section whether an entity is entitled to deduct an amount as mentioned in subsection (1), disregard the effect of the following:
(a) any provisions of *foreign hybrid mismatch rules of a foreign country;
(b) any provisions of another law of a foreign country relating to *foreign income tax (except a tax covered by subsection 832-130(7) ) that has substantially the same effect as foreign hybrid mismatch rules.
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