Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 832.310

  (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 - 315.

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 - 315(2)(b)(i) or 832 - 315(3)(b)(i)--the amount of the excess.

Ordering rule

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