(1) The neutralising amount for a * hybrid payer mismatch is the amount of the * hybrid mismatch from subsection 832 - 310(2), reduced (but not below nil) by the amount of any * dual inclusion income that is available to be applied in working out the neutralising amount.
Australian deduction--inclusions must be in Australia and in the non - including country
(2) An amount of * dual inclusion income is available to be applied to reduce the * neutralising amount for a * hybrid payer mismatch to which section 832 - 285 applies if:
(a) the * hybrid payer is eligible to apply the amount (see subsection 832 - 680(7)); and
(b) the amount is * subject to Australian income tax for the purposes of subsection 832 - 680(1) in the income year mentioned in subsection 832 - 285(1); and
(c) the amount is * subject to foreign income tax for the purposes of subsection 832 - 680(1) in the non - including country identified in subsection 832 - 320(3).
Note: Section 832 - 680 modifies the meanings of subject to Australian income tax and subject to foreign income tax for the purpose of working out dual inclusion income.
Australian non - inclusion--inclusions must be in Australia and in the deducting country
(3) An amount of * dual inclusion income is available to be applied to reduce the * neutralising amount for a * hybrid payer mismatch to which section 832 - 290 applies if:
(a) the * hybrid payer is eligible to apply the amount (see subsection 832 - 680(7)); and
(b) the amount is * subject to Australian income tax for the purposes of subsection 832 - 680(1) in the inclusion year mentioned in subsection 832 - 290(4); and
(c) the amount is * subject to foreign income tax for the purposes of subsection 832 - 680(1) in the deducting country mentioned in subsection 832 - 320(2).
Offshore hybrid mismatch--inclusions must be in the deducting country and the non - including country
(4) An amount of * dual inclusion income is available to be applied to reduce the * neutralising amount for a * hybrid payer mismatch that is an * offshore hybrid mismatch if:
(a) the * hybrid payer is eligible to apply the amount (see subsection 832 - 680(7)); and
(b) in the same * foreign tax period as the period in which the * foreign income tax deduction arose, the amount is * subject to foreign income tax for the purposes of subsection 832 - 680(1) in the deducting country mentioned in subsection 832 - 320(2); and
(c) the amount is * subject to foreign income tax for the
purposes of subsection 832 - 680(1) in the non - including country
identified in subsection 832 - 320(3).