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INCOME TAX ASSESSMENT ACT 1997 - SECT 832.335

Adjustment if hybrid payer has dual inclusion income in a later year

             (1)  There is an adjustment under this section for an entity in an income year (the adjustment year ) if:

                     (a)  in an earlier income year, all or part of a deduction of the entity in respect of a payment that gave rise to a * hybrid payer mismatch was not allowable under section 832- 285; and

                     (b)  an amount of * dual inclusion income is:

                              (i)  available to be applied by the * hybrid payer in the adjustment year; and

                             (ii)  * subject to Australian income tax for the purposes of subsection 832-680(1) in the adjustment year; and

                            (iii)  * subject to foreign income tax for the purposes of subsection 832-680(1) in the non-including country identified in subsection 832-320(3).

             (2)  So much of the amount of * dual inclusion income that satisfies paragraph (1)(b) as does not exceed the amount that was not allowable as a deduction is an amount the entity can deduct in the adjustment year.

             (3)  For the purposes of a later application of this section, treat the amount that was not allowable as a deduction under section 832- 285 as being reduced by the amount deducted under subsection (2) of this section.

Guide to Subdivision 832-E



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