Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 830.85

  (1)   This section applies if:

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

  (b)   the entity is in existence at the start of the next income year; and

  (c)   the entity is not a foreign hybrid in relation to that income year (the post - hybrid year ).

  (2)   For the purposes of applying an * asset - based income tax regime for the post - hybrid year and each later income year in relation to which the entity continues not to be a foreign hybrid, the * tax cost is set at the start of the post - hybrid year, for each asset of the entity at that time.