Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 832.400

  (1)   A payment gives rise to a hybrid mismatch if:

  (a)   the payment gives rise to a * deduction/non - inclusion mismatch; and

  (b)   the payment meets the hybrid requirement in section   832 - 405.

Amount of the hybrid mismatch

  (2)   The amount of the * hybrid mismatch is the lesser of:

  (a)   the amount of the * deduction/non - inclusion mismatch; and

  (b)   if there is an excess under either subparagraph   832 - 405(2)(b)(i) or (3)(b)(i)--the amount of the excess.

Ordering rule

  (3)   A payment does not give rise to a hybrid mismatch under this section if it gives rise to a * hybrid financial instrument mismatch or a * hybrid payer mismatch.