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 ).

Treatment of head company's franking account

SECTION 709-70   Credits arising in head company's franking account  

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709-70(1)    
This section operates if a credit would arise in the ^* franking account of a ^* subsidiary member of a ^* consolidated group at a time (the crediting time ) apart from section 709-65 .

709-70(2)    
A credit arises in the ^* franking account of the ^* head company of the group at the crediting time.

Note:

A credit can also arise in the head company's franking account at any time under section 205-15 .

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History

S 709-70(2) note amended by No 90 of 2002, s 3 and Sch 5 item 2, by substituting " section 205-15 " for " section 160-115 " , effective 24 October 2002 and applicable on and after 1 July 2002 (see sec 700-1 of the Income Tax (Transitional Provisions) Act 1997 ).

709-70(3)    
The amount of the credit is the same as the amount of the credit that would arise in the ^* franking account of the ^* subsidiary member.

709-70(4)    
This section does not apply to a credit arising in the ^* subsidiary member's ^* franking account under paragraph 709-60(3)(a) .

Note:

Such a credit arises if the entity that became the subsidiary member had a deficit in its franking account just before the time it became the subsidiary member. The credit equals the deficit, creating a nil balance in the account from that time.

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History

S 709-70 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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