Document ID: chunk:federal_register_of_legislation:C2010C00499:clause:10_15:p6
Version: federal_register_of_legislation:C2010C00499
Segment Type: clause
Provision Reference: sch 10 cl 15 (pt 6/11)
Character Range: 104442–107184

*available loss exposure amount, then either or both of the following apply:
 (a) a deduction is allowable to the partner for the income year equal to some or all of the outstanding foreign hybrid revenue loss amounts;
 (b) the partner makes a *capital loss under section 104‑270 equal to some or all of the outstanding foreign hybrid net capital loss amounts;
such that the sum of the deduction and the capital loss equals the available loss exposure amount.

Partner to choose how to apply subsection (3)

 (4) The partner must choose:
 (a) which of paragraphs (3)(a) and (b) is to apply or whether both are to apply; and
 (b) the amount of the deduction or *capital loss, or the amounts of both; and
 (c) the particular outstanding foreign hybrid revenue loss amounts or outstanding foreign hybrid net capital loss amounts, or both, to which they relate.

830‑55  Meaning of foreign hybrid net capital loss amount

  If:
 (a) the sum of a partner's *capital losses from *CGT events happening during an income year in relation to a *foreign hybrid or *CGT assets of a foreign hybrid;
exceeds:
 (b) the sum of the partner's *capital gains from CGT events happening during the income year in relation to the foreign hybrid or CGT assets of the foreign hybrid;
the partner has a foreign hybrid net capital loss amount in respect of the foreign hybrid for the income year equal to the excess.

830‑60  Meaning of loss exposure amount

 (1) The loss exposure amount of a partner in a *foreign hybrid for an income year is worked out as follows:

      Method statement
           Step 1. Work out the sum of the amounts or *market values of the contributions made by the partner to the *foreign hybrid that, as at the end of the income year:

                (a) have not been repaid or returned to the partner; and
                (b) have been contributed for at least 180 days, or are intended by the partner to remain contributed for at least 180 days.

           Step 2. Subtract the sum of the amounts of:

                (a) all *limited recourse debts owed by the partner at the end of the income year, to the extent that the *borrowings concerned were for the purpose of enabling the partner to make contributions to the *foreign hybrid and the debts were secured by the partner's interest in the foreign hybrid; and
                (b) all the partner's *foreign hybrid revenue loss amounts in respect of the foreign hybrid for previous income years, after any reduction under subsection 830‑45(2); and
                (c) all the partner's *foreign hybrid net capital loss amounts in relation to the partnership for previous income years, after any reduction under subsection 830‑45(2); and
                (d) all deductions