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INCOME TAX ASSESSMENT ACT 1997 - SECT 830.65 Meaning of outstanding foreign hybrid revenue loss amount

INCOME TAX ASSESSMENT ACT 1997 - SECT 830.65

Meaning of outstanding foreign hybrid revenue loss amount

  (1)   This section applies if a * foreign hybrid revenue loss amount of a partner in a * foreign hybrid in relation to an income year (the reduction year ) is reduced under subsection   830 - 45(2).

  (2)   The partner has, for each later income year, an outstanding foreign hybrid revenue loss amount equal to the amount of the reduction, less the sum of any deductions allowable to the partner under subsection   830 - 50(2) or (3) in respect of the outstanding foreign hybrid revenue loss amount for income years between the reduction year and the later income year.

Outstanding foreign hybrid revenue loss amount not to form part of tax loss

  (3)   To avoid doubt, a partner's * outstanding foreign hybrid revenue loss amount for an income year cannot form part of a * tax loss for the purposes of Division   36 or 160.

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