The Australian Treasury has launched a public consultation on draft legislation to implement amendments clarifying the operation of the hybrid mismatch rules. This includes amendments to the rules to:
- clarify that the hybrid mismatch rules apply to MEC groups in the same way as they apply to consolidated groups;
- clarify that, for the purpose of applying the hybrid mismatch rules, foreign income tax does not include foreign municipal or State taxes;
- clarify the application of th…