Document ID: chunk:federal_register_of_legislation:C2024C00267:section:4:p12
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 4 (pt 12/64)
Character Range: 733143–735874

by the taxpayer's direct attribution interest in the CFC at the end of the statutory accounting period.

CFC—foreign tax paid by another CFC
 (4) For the purpose of subsection 393(1) of the Income Tax Assessment Act 1936, if:
 (a) on the assumption in paragraph 830‑15(1)(c) of this Act, another CFC (the tracing CFC) would have been a partner in the foreign entity that the CFC mentioned in subsection (1) of this section (the foreign hybrid CFC) would have been; and
 (b) the taxpayer had an attribution tracing interest in the tracing CFC that was taken into account in calculating the taxpayer's attribution percentage for the foreign hybrid CFC at the end of the statutory accounting period; and
 (c) the tracing CFC paid foreign tax (within the meaning of that Act) (the actual foreign tax) on its interest in an amount included in the notional assessable income of the foreign hybrid CFC for the statutory accounting period;
then the foreign hybrid CFC is taken to have paid foreign tax, (within the meaning of that Act) in respect of the amount included in its notional assessable income, equal to the actual foreign tax divided by the tracing CFC's direct attribution interest in the foreign hybrid CFC at the end of the statutory accounting period.

FIF—foreign tax paid by taxpayer
 (5) For the purpose of section 573 of the Income Tax Assessment Act 1936, if the taxpayer paid foreign tax (within the meaning of that Act) (the actual foreign tax) on its interest in an amount included in the notional income of the FIF for the notional accounting period, then the FIF is taken to have paid foreign tax (within the meaning of that Act) in respect of that amount equal to the actual foreign tax divided by the attribution percentage applicable under section 581 of that Act to the taxpayer in respect of the taxpayer's interests in the FIF at the end of the notional accounting period.

Division 832—Hybrid mismatch rules

Table of Subdivisions
832‑A Application of Division 832 of the Income Tax Assessment Act 1997

Subdivision 832‑A—Application of Division 832 of the Income Tax Assessment Act 1997

Table of sections
832‑10 Application of Division 832 of the Income Tax Assessment Act 1997 (other than imported hybrid mismatch rule)
832‑15 Application of imported hybrid mismatch rule

832‑10  Application of Division 832 of the Income Tax Assessment Act 1997 (other than imported hybrid mismatch rule)
 (1) The Subdivisions of Division 832 of the Income Tax Assessment Act 1997 covered by subsection (2) apply to assessments for income years starting on or after 1 January 2019.
 (2) The Subdivisions are as follows:
 (a) Subdivision 832‑C (Hybrid financial instrument mismatch);
 (b) Subdivision 832‑D (Hybrid payer