Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 709-80 Subsidiary member ' s distributions on employee shares and certain preference shares taken to be distributions by the head company 709-80(1)
This section operates if:
(a) a * subsidiary member of a * consolidated group makes a * frankable distribution; and
(b) the distribution is made because an entity (the shareholder ) owns a * share in the subsidiary member; and
(c) the share must be disregarded under subsection 703-35(4) or 703-37(4) ; and
(d) the distribution is made to the shareholder, or to another entity because the shareholder owns the share; and
(e) the entity to which the distribution is made is not a * member of the group.
Note 1:
Subsection 703-35(4) requires certain shares acquired under employee share schemes to be disregarded.
Note 2:
Subsection 703-37(4) requires certain preference shares to be disregarded following an ADI restructure.
709-80(2)
Part 3-6 operates as if the * distribution were a * frankable distribution made by the * head company of the group to a * member of the head company.
Note:
Part 3-6 deals with imputation.
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