Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 832.455

Deduction not allowable

  (1)   This section applies to an entity if:

  (a)   apart from this section, the entity would be entitled to a deduction in an income year in respect of a payment; and

  (b)   the deduction is the * deduction component of a * branch hybrid mismatch to which the payment gives rise.

  (2)   So much of the deduction as does not exceed the amount of the * branch hybrid mismatch is not allowable as a deduction.

  (3)   However, this section does not apply in relation to the * branch hybrid mismatch if subsection   23AH(2) of the Income Tax Assessment Act 1936 does not apply in relation to the payment because of subsection   (4A) of that section.


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