S 717-505 repealed by No 147 of 2005, s 3 and Sch 2 item 16, effective 14 December 2005. For additional application provisions see note under Subdiv
802-A
heading.
S 717-505 formerly read:
Object of this Subdivision
717-505(1)
The object of this Subdivision is to affect the operation of Subdivision B of Division
11A
of Part III of the
Income Tax Assessment Act 1936
so that each
*
consolidated group operates a single
*
foreign dividend account, by ensuring that:
(a)
an
*
FDA credit and an
*
FDA debit arise so that:
(i)
the balance of the foreign dividend account of the
*
head company of the group reflects the balance of the foreign dividend account of a company that becomes a
*
subsidiary member of the group; and
(ii)
the balance of the foreign dividend account of the subsidiary member of the group is nil; and
(b)
the head company is the only
*
member of the group that can have an
*
FDA surplus; and
(c)
the head company can make an
*
FDA declaration relating to a dividend (within the meaning of that Subdivision) or
*
non-share dividend paid by any member of the group.
717-505(2)
In this Act:
FDA credit
has the same meaning as in Subdivision B of Division
11A
of Part
III
of the
Income Tax Assessment Act 1936
.
FDA debit
has the same meaning as in Subdivision B of Division
11A
of Part
III
of the
Income Tax Assessment Act 1936
.
FDA declaration
has the same meaning as in Subdivision B of Division
11A
of Part
III
of the
Income Tax Assessment Act 1936
.
FDA surplus
has the same meaning as in Subdivision B of Division
11A
of Part
III
of the
Income Tax Assessment Act 1936
.
foreign dividend account
has the same meaning as in Subdivision B of Division
11A
of Part
III
of the
Income Tax Assessment Act 1936
.
S 717-505 inserted by No 16 of 2003, s 3 and Sch 9 item 1, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec
700-1
of the
Income Tax (Transitional Provisions) Act 1997
).
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