Income Tax Assessment Act 1997
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Hide history noteSECTION 709-95 Payment of group liability by former subsidiary member 709-95(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:
(i) * pays a PAYG instalment for which it was jointly and severally liable under subsection 721-15(1) because it was a subsidiary member of the old group; or
(ii) * pays income tax for which it was jointly and severally liable under that subsection because it was a subsidiary member of the old group; and
(c) apart from this section, a * franking credit would arise under section 205-15 in the * franking account of the former subsidiary at a time (the crediting time ) because of that payment.
709-95(2)
The credit:
(a) does not arise at the crediting time in the * franking account of the former subsidiary; and
(b) instead, arises at the crediting 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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