Document ID: chunk:federal_register_of_legislation:C2024C00267:section:4:p9
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 4 (pt 9/64)
Character Range: 726076–728739

current prudential standards) for the purpose of calculating amounts applicable to the ADI under Division 820 of the Income Tax Assessment Act 1997.
Note 1: Making the choice for an income year does not require the entity to maintain capital adequacy calculations based on those old prudential standards.
Note 2: The choice is only for the purposes of calculating amounts for the purposes of the thin capitalisation regime.
 (5) For an income year for which an entity does not make a choice under subsection (2), the current accounting standards will be used for the purpose of calculating amounts applicable to the entity under Division 820 of the Income Tax Assessment Act 1997.
 (6) For an income year for which an ADI does not make a choice under subsection (2), the current prudential standards will be used for the purpose of calculating amounts applicable to the ADI under Division 820 of the Income Tax Assessment Act 1997.

Division 830—Application of the foreign hybrid rules

Table of sections
830‑1 Standard application
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.

830‑15  Modified version of income tax law to apply for certain past income years

Basic rule
 (1) Subject to subsection (3), if:
 (a) an income year (the past income year) of a taxpayer started before:
 (i) if section 830‑5 of this Act does not apply to the taxpayer—the 2003‑2004 income year; or
 (ii) if that section applies to