Document ID: chunk:federal_register_of_legislation:F2024L00550:reg:7:p3
Version: federal_register_of_legislation:F2024L00550
Segment Type: reg
Provision Reference: reg 7 (pt 3/3)
Character Range: 23130–24070

made an election under former section 485AA of the ITAA 1936 or paragraphs 830-10(2)(b) or 830-15(5)(b) of the ITAA 1997, so that:
 (i) their interest is treated as an interest in a foreign hybrid (under Division 830 of the ITAA 1997) for the 2024 year; and
 (ii) the interest does not pass the non-portfolio interest test within the meaning of section 960-195 of the ITAA 1997, ignoring interests held by associates of the holding entity; or
 (b) are an individual who was not in a partnership carrying on a business, and the only income they derived jointly (or in common) with another individual for the 2024 year was:
 (i) rent from a jointly owned property;
 (ii) interest from a jointly held account in a financial institution; or
 (iii) dividends from jointly held shares.
Note: A partner is required to include details of all relevant income, expenditure and deduction items, as well as distribution details in their own tax return.