Document ID: chunk:federal_register_of_legislation:C2010C00499:clause:10_5:p2
Version: federal_register_of_legislation:C2010C00499
Segment Type: clause
Provision Reference: sch 10 cl 5 (pt 2/2)
Character Range: 126242–127673

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 an income year, the interest that a partner has in an asset as mentioned in section 830‑35 is taken to have been held by the partner (except for the purposes of having the *tax cost of the interest set) from the later of the following times:
 (a) when the entity *acquired the asset;
 (b) when the partner acquired its *shares in the entity.

Entity's asset when it ceases to be a foreign hybrid company

 (2) If:
 (a) an entity is not a *foreign hybrid company in relation to an income year (the post‑hybrid year); and
 (b) the entity was a *foreign hybrid company in relation to the preceding income year; and
 (c) during:
 (i) that preceding income year; or
 (ii) any earlier income year in relation to which the entity was also a foreign hybrid;
  but not at the start of the first income year in relation to which the entity was a foreign hybrid company, the partners in the foreign hybrid company *acquired an interest in an asset that is an asset of the entity at the start of the post‑hybrid year;
the asset is taken to have been held by the entity (except for the purposes of having the *tax cost of the asset set) from the time the partners acquired their interests in the asset.