Income Tax Assessment Act 1997
Chapter 4 inserted by No 162 of 2001.
Part 4-5 inserted by No 162 of 2001.
Div 832 inserted by No 84 of 2018, s 3 and Sch 1 item 1, effective 1 October 2018.
Subdiv 832-G inserted by No 84 of 2018, s 3 and Sch 1 item 1, effective 1 October 2018 and applicable to assessments for income years starting on or after 1 January 2019 (see s 832-10 of the Income Tax (Transitional Provisions) Act 1997 ).
There is an adjustment under this section for an entity in an income year (the adjustment year ) if:
(a) in an earlier income year, all or part of a deduction of the entity in respect of an amount that gave rise to a *deducting hybrid mismatch was not allowable under section 832-530 ; and
(b) an amount of *dual inclusion income is:
(i) available to be applied by the *deducting hybrid in the adjustment year; and
(ii) *subject to Australian income tax for the purposes of subsection 832-680(1) in the adjustment year; and
(iii) *subject to foreign income tax for the purposes of subsection 832-680(1) in the foreign country in which the *foreign income tax deduction arose.
So much of the amount of *dual inclusion income that satisfies paragraph (1)(b) as does not exceed the amount that was not allowable as a deduction is an amount the entity can deduct in the adjustment year. 832-565(2A)
Subsection (2) does not apply if:
(a) the amount that was not allowable as a deduction under section 832-530 relates to a payment; and
(b) on the assumption that subsection 832-530(2) were disregarded, no amount would have been allowable as a deduction in respect of the payment because of subsection 832-725(3) .
S 832-565(2A) inserted by No 79 of 2020, s 3 and Sch 1 item 53, effective 1 October 2020 and applicable to assessments for income years starting on or after 2 April 2019.
For the purposes of a later application of this section, treat the amount that was not allowable as a deduction under section 832-530 as being reduced by the amount deducted under subsection (2) of this section.
S 832-565 inserted by No 84 of 2018, s 3 and Sch 1 item 1, effective 1 October 2018.
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