Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-90
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CONSOLIDATED GROUPS
Division 709
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Other rules applying when entities become subsidiary members etc.
Subdivision 709-A
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Franking accounts
SECTION 709-50
What this Subdivision is about
View history note
Hide history noteOnly the head company of a consolidated group has an operating franking account. The subsidiary members ' franking accounts do not operate while they are subsidiary members. Debits or credits that would otherwise arise in subsidiary members ' franking accounts arise instead in the head company ' s franking account.
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