Document ID: chunk:federal_register_of_legislation:C2010C00499:clause:10_38:p1
Version: federal_register_of_legislation:C2010C00499
Segment Type: clause
Provision Reference: sch 10 cl 38 (pt 1/5)
Character Range: 130806–133448

38  At the end of Part 4‑5
Add:

Division 830—Application of the foreign hybrid rules

Table of sections

830‑1 Standard application
830‑5 Election to extend standard application for foreign hybrids
830‑10 Election to extend standard application for CFCs with direct or indirect interests in foreign hybrid
830‑15 Modified version of income tax law to apply for certain past income years
830‑20 Modifications of income tax law

830‑1  Standard application

Foreign hybrids

 (1) Division 830 of the Income Tax Assessment Act 1997 applies to assessments for the 2003‑2004 income year, and each later income year, of a taxpayer who will as a result be a partner in an entity that is a foreign hybrid in relation to that income year.

CFCs that are, directly or indirectly, partners in foreign hybrids

 (2) Division 830 of the Income Tax Assessment Act 1997 applies for the purpose of working out the attributable income, in relation to an attributable taxpayer, for:
 (a) the statutory accounting period that starts on 1 July 2003 or on the day on which, as a result of an election under subsection 319(2) of the Income Tax Assessment Act 1936, the statutory accounting period that would otherwise start on 1 July 2003 starts; and
 (b) each later statutory accounting period;
of a CFC that:
 (c) will as a result be a partner in an entity that is a foreign hybrid in relation to that statutory accounting period; or
 (d) has, directly or indirectly through one or more other entities, an interest in another entity that will, as a result, be a foreign hybrid in relation to that statutory accounting period.

830‑5  Election to extend standard application for foreign hybrids

 (1) If a taxpayer will, as a result of making an election under this subsection, be a partner in an entity that is a foreign hybrid in relation to the 2002‑2003 income year, the taxpayer may elect that Division 830 of the Income Tax Assessment Act 1997 applies to the taxpayer's assessment for the 2002‑2003 income year.

 (2) If:
 (a) a taxpayer is, as a result of subsection 830‑1(1) of this Act, a partner in an entity that is a foreign hybrid in relation to the 2003‑2004 income year; and
 (b) the entity is a foreign hybrid in relation to that income year in a case where the requirements in subsection 830‑15(3) of the Income Tax Assessment Act 1997 are satisfied;
the taxpayer may elect that Division 830 of the Income Tax Assessment Act 1997 applies to the taxpayer's assessment for the 2002‑2003 income year as if the entity were a foreign hybrid in relation to that income year.

 (3) A taxpayer must make an election under this section:
 (a) on or