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INCOME TAX ASSESSMENT ACT 1997 - SECT 832.330

Neutralising amount

  (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).


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