New Business Tax System (Consolidation and Other Measures) Act 2003 (16 of 2003)

Schedule 5   Consolidation: imputation rules

Income Tax Assessment Act 1997

3   At the end of Subdivision 709-A

Add:

709-90 Subsidiary member's distributions to foreign resident taken to be distributions by head company

Part 3-6 operates as if a *frankable distribution made by a *subsidiary member of a *consolidated group (the foreign-held subsidiary ) were a frankable distribution made by the *head company of the group to a *member of the head company if:

(a) the foreign-held subsidiary meets the set of requirements in section 703-45, section 701C-10 of the Income Tax (Transitional Provisions) Act 1997 or section 701C-15 of that Act; and

(b) the frankable distribution is made to a foreign resident.

Note: Part 3-6 deals with imputation.