Income Tax Assessment Act 1997
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Hide history noteSECTION 709-100 Refund of income tax to former subsidiary member 709-100(1)
This section operates if:
(a) an entity (the former subsidiary ) ceases to be a *subsidiary member of a *consolidated group (the old group ) at a particular time (the leaving time ); and
(b) at or after the leaving time, the former subsidiary *receives a refund of income tax or *receives a refund of diverted profits tax, for which it was jointly and severally liable under subsection 721-15(1) because it was a subsidiary member of the old group; and
(c) apart from this section, a *franking debit would arise under section 205-30 in the *franking account of the former subsidiary at a time (the debiting time ) because of that payment.
709-100(2)
The debit:
(a) does not arise at the debiting time in the *franking account of the former subsidiary; and
(b) instead, arises at the debiting time in the franking account of the entity that was the *head company of the old group at the leaving time.
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