Document ID: chunk:federal_register_of_legislation:C2010C00499:clause:10_15:p10
Version: federal_register_of_legislation:C2010C00499
Segment Type: clause
Provision Reference: sch 10 cl 15 (pt 10/11)
Character Range: 113786–116294

any gain or profit of a capital nature that accrues to the entity as a result of the disposal of the part of its interest in the foreign hybrid is 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).

Subdivision 830‑D—Special rules applicable when an entity becomes or ceases to be a foreign hybrid

Note: In the case of a foreign hybrid company, references in this Subdivision that relate to partnerships are to be read subject to Subdivision 830‑B. For example, a reference to a partner will be a reference to a shareholder in the company who is treated by Subdivision 830‑B as a partner.

Table of sections

830‑80 Setting the tax cost of partners' interests in the assets of an entity that becomes a foreign hybrid
830‑85 Setting the tax cost of assets of an entity when it ceases to be a foreign hybrid
830‑90 What the expression tax cost is set means
830‑95 What the expression tax cost setting amount means
830‑100 What the expression tax cost means
830‑105 What the expression asset‑based income tax regime means
830‑110 No disposal of assets etc. on entity becoming or ceasing to be a foreign hybrid
830‑115 Tax losses cannot be transferred to a foreign hybrid
830‑120 End of CFC's last statutory accounting period
830‑125 How long interest in asset, or asset, held

830‑80  Setting the tax cost of partners' interests in the assets of an entity that becomes a foreign hybrid

 (1) This section applies if:
 (a) an entity is a *foreign hybrid in relation to an income year (the hybrid year); and
 (b) the entity was in existence at the end of the preceding income year (which may be the income year before this Division first applies to the entity); and
 (c) the entity was not a foreign hybrid in relation to that preceding income year.

 (2) For the purposes of applying an *asset‑based income tax regime for the hybrid year and each later income year in relation to which the entity continues to be a foreign hybrid, the *tax cost is set at the start of the hybrid year, for each asset of the *foreign hybrid in which each partner has an interest at that time.

830‑85  Setting the tax cost of assets of an entity when it ceases to be a foreign hybrid

 (1) This section applies if:
 (a) an entity is a *foreign hybrid in relation to an income year;