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 ).

Franking distributions by subsidiary member

SECTION 709-85   Non-share distributions by subsidiary members taken to be distributions by head company  

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709-85(1)    
This section operates if:

(a) an entity holds a ^* non-share equity interest in a ^* subsidiary member of a ^* consolidated group; and

(b) the subsidiary member makes a ^* non-share distribution to the entity as holder of the interest; and

(c) the distribution is a ^* frankable distribution; and

(d) the entity to which the distribution is made is not a ^* member of the group.

709-85(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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History

S 709-85 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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