Document ID: chunk:federal_register_of_legislation:F2024C01248:reg:6:p21
Version: federal_register_of_legislation:F2024C01248
Segment Type: reg
Provision Reference: reg 6 (pt 21/21)
Character Range: 178126–180445

reasonable grounds, that the election is being withdrawn for a principal purpose of obtaining a tax benefit and either:
 (a) if accounting records in relation to the treatment of fungible things to which the election applies are being kept by the entity and prepared in accordance with generally accepted accounting principles—the election is being withdrawn because there has been a change to the entity's accounting practices; or
 (b) if:
 (i) accounting records in relation to the treatment of fungible things to which the election applies by the entity are not being kept by the entity and prepared in accordance with generally accepted accounting principles; and
 (ii) the election includes the statement mentioned in subparagraph (3)(b)(ii);
  there has been a change in the entity's circumstances that makes the statement mentioned in subparagraph (3)(b)(ii) incorrect.
Note 1: A tax benefit may be an incidental consequence of the withdrawal of an election.
Note 2: A weighted average basis (see section 775‑145 of the Act) is used to allow:
(a) the cost of a fungible amount or part of a fungible amount; or
(b) in the case of a fungible obligation, or a part of a fungible obligation—the proceeds of assuming the obligation or the part of the fungible obligation;
 at a particular time to be determined by the weighted average cost of the amounts that were previously added to the fungible amount.

Division 830—Foreign hybrids

Subdivision 830‑A—Meaning of "foreign hybrid"

830‑15.01  Foreign hybrid company
  For the purposes of paragraph 830‑15(3)(c) of the Act, it is a requirement for a company in relation to an income year, that the company be a limited liability partnership for the purposes of the Limited Liability Partnerships Act 2000 (UK).
Note: This requirement must be satisfied at all times during the income year when the company is in existence (see paragraph 830‑15(1)(a) of the Act).

Chapter 6—The Dictionary

Part 6‑1—Concepts and topics

Division 960—General

Subdivision 960‑C—Foreign currency

960‑50.01  Translation of foreign currency amounts into Australian currency—modification of special translation rules
 (1) For the purposes of subsection 960‑50(7) of the Act, the table in subsection 960‑50(6) of the Act is modified by omitting item 8 and substituting the following items: