Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 832.310

Hybrid mismatch

             (1)  A payment gives rise to a hybrid mismatch if:

                     (a)  the payment gives rise to a * deduction/non-inclusion mismatch; and

                     (b)  the payment meets the hybrid requirement in section 832- 315.

Amount of the hybrid mismatch

             (2)  The amount of the * hybrid mismatch is the lesser of:

                     (a)  the amount of the * deduction/non-inclusion mismatch; and

                     (b)  if there is an excess under either subparagraph 832-315(2)(b)(i) or 832-315(3)(b)(i)--the amount of the excess.

Ordering rule

             (3)  However, a payment does not give rise to a hybrid mismatch under this section if it gives rise to a * hybrid financial instrument mismatch.



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