Document ID: chunk:federal_register_of_legislation:C2010C00499:clause:10_5:p1
Version: federal_register_of_legislation:C2010C00499
Segment Type: clause
Provision Reference: sch 10 cl 5 (pt 1/2)
Character Range: 123950–126482

5                     Any other provision of this Act or the Income Tax Assessment Act 1936        the cost of the interest or the asset at the start of the post‑hybrid year or the hybrid year

830‑105  What the expression asset‑based income tax regime means

  The provisions listed in the first column in relation to each item in the table in section 830‑100 are an asset‑based income tax regime.

830‑110  No disposal of assets etc. on entity becoming or ceasing to be a foreign hybrid

  To avoid doubt, the fact that an entity becomes or ceases to be a *foreign hybrid in relation to an income year does not cause:
 (a) a *CGT event to happen to any *CGT asset consisting of:
 (i) any *share or interest in the entity; or
 (ii) any interest in an asset of the entity; or
 (b) a disposal or any other event to happen to any other asset consisting of such a share or interest.

830‑115  Tax losses cannot be transferred to a foreign hybrid

 (1) If an entity is a *foreign hybrid in relation to an income year, it cannot deduct in that income year a *tax loss for a *loss year in relation to which it was not a foreign hybrid.

Former foreign hybrid can deduct tax losses for income years before it became a foreign hybrid

 (2) This section does not prevent an entity that:
 (a) is not a *foreign hybrid in relation to an income year (the post‑hybrid year); and
 (b) was a foreign hybrid in relation to a previous income year; and
 (c) was not a foreign hybrid in relation to an income year (the pre‑hybrid year) before the previous year;
from deducting, in the post‑hybrid year, a *tax loss for the pre‑hybrid year.

830‑120  End of CFC's last statutory accounting period

  If:
 (a) a taxpayer is a partner in an entity that becomes a *foreign hybrid in relation to an income year; and
 (b) the entity was a *CFC at the end of the taxpayer's preceding income year; and
 (c) the last *statutory accounting period of the CFC did not end at the end of the taxpayer's preceding income year; and
 (d) if it had so ended, the taxpayer would have been an *attributable taxpayer in relation to the CFC;
for the purposes of working out the *attributable income of the CFC for the taxpayer in respect of the last statutory accounting period of the CFC, that statutory accounting period ends at the end of the taxpayer's preceding income year.

830‑125  How long interest in asset, or asset, held

Partner's interest in asset when entity becomes a foreign hybrid

 (1) If an entity becomes a *foreign hybrid company in relation to