Document ID: chunk:federal_register_of_legislation:C2010C00499:clause:10_15:p1
Version: federal_register_of_legislation:C2010C00499
Segment Type: clause
Provision Reference: sch 10 cl 15 (pt 1/11)
Character Range: 91831–94634

15  At the end of Part 4‑5 (before the link note)
Add:

Division 830—Foreign hybrids

Table of Subdivisions

 Guide to Division 830
830‑A Meaning of "foreign hybrid"
830‑B Extension of normal partnership provisions to foreign hybrid companies
830‑C Special rules applicable while an entity is a foreign hybrid
830‑D Special rules applicable when an entity becomes or ceases to be a foreign hybrid

Guide to Division 830

830‑1  What this Division is about

      This Division:

                (a) provides for certain entities (called foreign hybrids) that are treated as partnerships for the purposes of foreign tax, but as companies for the purposes of tax within the meaning of this Act, to be treated as partnerships for the purposes of this Act; and
                (b) applies special rules to the entities in addition to those that normally apply to partnerships.
[This is the end of the Guide.]

Subdivision 830‑A—Meaning of "foreign hybrid"

Table of sections

830‑5 Foreign hybrid
830‑10 Foreign hybrid limited partnership
830‑15 Foreign hybrid company

830‑5  Foreign hybrid

  The expression foreign hybrid means:
 (a) a *foreign hybrid limited partnership; or
 (b) a *foreign hybrid company.

830‑10  Foreign hybrid limited partnership

 (1) A *limited partnership is a foreign hybrid limited partnership in relation to an income year if:
 (a) it was formed in a foreign country; and
 (b) *foreign tax is imposed under the law of the foreign country on the partners, not the limited partnership, in respect of the income or profits of the partnership for the income year; and
 (c) at no time during the income year is the limited partnership, for the purposes of a law of any foreign country that imposes foreign tax on entities because they are residents of the foreign country, a resident of that country; and
 (d) disregarding subsection 94D(4) of the Income Tax Assessment Act 1936, at no time during the income year is it an Australian resident; and
 (e) disregarding that subsection, in relation to the same income year of another taxpayer:
 (i) the limited partnership is a *CFC at the end of a *statutory accounting period that ends in the income year; and
 (ii) at the end of the statutory accounting period, the taxpayer is an *attributable taxpayer in relation to the CFC with an *attribution percentage greater than nil.

 (2) If a partner in a *limited partnership makes an election under subsection 485AA(1) of the Income Tax Assessment Act 1936 in relation to the partner's interest in the partnership, then, for the purpose of applying that Act and this Act in relation to the partner's interest, the limited partnership is a foreign hybrid limited partnership in relation to any income year during which the election is in force.

830‑15  Foreign hybrid company