Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 830.80

  (1)   This section applies if:

  (a)   an entity is a * foreign hybrid in relation to an income year (the hybrid year ); and

  (b)   the entity was in existence at the end of the preceding income year (which may be the income year before this Division first applies to the entity); and

  (c)   the entity was not a foreign hybrid in relation to that preceding income year.

  (2)   For the purposes of applying an * asset - based income tax regime for the hybrid year and each later income year in relation to which the entity continues to be a foreign hybrid, the * tax cost is set at the start of the hybrid year, for each asset of the * foreign hybrid in which each partner has an interest at that time.