Document ID: chunk:federal_register_of_legislation:C2010C00499:clause:10_15:p8
Version: federal_register_of_legislation:C2010C00499
Segment Type: clause
Provision Reference: sch 10 cl 15 (pt 8/11)
Character Range: 109384–111842

if a *foreign hybrid net capital loss amount of a partner in a *foreign hybrid in relation to an income year (the reduction year) is reduced under subsection 830‑45(2).

 (2) The partner has, for each later income year, an outstanding foreign hybrid net capital loss amount equal to the amount of the reduction, less the sum of any *capital losses that, as a result of subsection 830‑50(2) or (3), the partner makes in respect of *CGT event K12 in respect of the outstanding foreign hybrid net capital loss amount for income years between the reduction year and the later income year.

830‑75  Extended meaning of subject to tax

Where entity becomes a partner

 (1) If:
 (a) an entity becomes a partner (the first partner) in a *foreign hybrid in relation to an income year; and
 (b) a gain or profit of a capital nature accrues to another partner as a result of the disposal of the whole or part of that other partner's interest in an asset of the foreign hybrid that happens when the first partner becomes a partner; and
 (c) apart from this subsection, the gain or profit is not *subject to tax in a *listed country in any *tax accounting period; and
 (d) if the foreign hybrid had disposed of the whole or an equivalent part of the asset at the time of the disposal of the whole or the part of the interest, any gain or profit of a capital nature that accrued to the foreign hybrid in respect of the disposal would have been subject to tax in a listed country in a tax accounting period;
then, for the purposes of Part X of the Income Tax Assessment Act 1936, the gain or profit mentioned in paragraph (b) is taken to be subject to tax in the listed country, and in the tax accounting period, mentioned in paragraph (d).

Where partner increases its interest

 (2) If:
 (a) an entity is a partner (the first partner) that increases its interest in a *foreign hybrid in relation to an income year; and
 (b) a gain or profit of a capital nature accrues to another partner as a result of the disposal of the whole or part of that other partner's interest in an asset of the foreign hybrid that happens when the first partner increases its interest in the foreign hybrid; and
 (c) apart from this subsection, the gain or profit is not *subject to tax in a *listed country in any *tax accounting period; and
 (d) if the foreign hybrid had disposed of the whole or an equivalent part of the asset at the time of the disposal of the whole or the part of the