Document ID: chunk:federal_register_of_legislation:C2025C00029:section:4:p16
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 4 (pt 16/25)
Character Range: 7352134–7354802

are in force setting out requirements to be satisfied by a company in relation to the income year for the purposes of this paragraph, and the company satisfies those requirements.
 (4) Regulations for the purposes of paragraph (3)(c) cannot set out requirements in relation to any income year before the one in which the regulations are made.
 (5) If a shareholder is not an *attributable taxpayer in relation to a company, then, for the purposes of applying the Income Tax Assessment Act 1936 and this Act in relation to the shareholder's *share or shares in the company, the company is a foreign hybrid company in relation to an income year for the shareholder if, and only if, the shareholder:
 (a) has made an election under former subsection 485AA(2) of the Income Tax Assessment Act 1936; or
 (b) makes an election under this paragraph;
in relation to the shareholder's share or shares in the company.
 (6) For the purposes of subsection (5), the company is a foreign hybrid company in relation to any income year during which the election referred to in paragraph (5)(a) or (5)(b) is in force.
 (7) An election can only be made under paragraph (5)(b) if:
 (a) in relation to the income year in which the election is made, the company:
 (i) is a FIF (within the meaning of former Part XI of the Income Tax Assessment Act 1936); and
 (ii) satisfies paragraphs (1)(a) to (c); and
 (b) at the end of the income year in which the election is made, the shareholder's interest in the FIF consists of one or more *shares in the FIF.
 (8) An election under paragraph (5)(b) must be made:
 (a) on or before the day on which the shareholder lodges the shareholder's income tax return for the income year; or
 (b) within a further time allowed by the Commissioner.
 (9) The election:
 (a) is in force during the income year and all later income years; and
 (b) is irrevocable.

830‑17  References to foreign income tax in section 830‑10 or 830‑15 do not include certain taxes
 (1) Treat a reference in section 830‑10 or 830‑15 to foreign income tax as not including any of the following:
 (a) *credit absorption tax;
 (b) *unitary tax;
 (c) *foreign GloBE tax or other foreign minimum tax.
 (2) Foreign minimum tax mentioned in paragraph (1)(c) includes a tax specified in regulations made for the purposes of paragraph 393(2)(c) of the Income Tax Assessment Act 1936.

Subdivision 830‑B—Extension of normal partnership provisions to foreign hybrid companies
Note: The normal partnership provisions will apply of their own force to foreign hybrids that are foreign hybrid limited partnerships.

Table of sections
830‑20 Treatment of company as a partnership
830‑25 Partners