Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

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History

Part 3-90 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Division 709 - Other rules applying when entities become subsidiary members etc.  

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History

Div 709 inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Subdivision 709-A - Franking accounts  

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History

Subdiv 709-A inserted by No 68 of 2002, s 3 and Sch 1 item 2, effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

Object

SECTION 709-55  

709-55   Object of this Subdivision  

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The object of this Subdivision is for each ^* consolidated group to operate what is in substance a single ^* franking account, by ensuring that:

(a) there is a nil balance in the franking accounts of entities becoming ^* subsidiary members of the group; and

(b) the franking accounts of those subsidiary members do not operate while they are subsidiary members; and

(c) debits or credits that would otherwise arise in the franking accounts of the subsidiary members arise instead in the franking account of the ^* head company of the group; and

(d) the head company is the only ^* member of the group that can frank distributions.

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History

S 709-55 inserted by No 68 of 2002, s 3 and Sch 1 item 2, 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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