Income Tax Assessment Act 1997
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Hide history noteSECTION 719-430 Transfer of franking account balance on cessation event 719-430(1)
This section operates if:
(a) a * cessation event happens to the * provisional head company of a * MEC group (the former head company ); and
(b) another company (the new head company ) is appointed as the provisional head company of the group under subsection 719-60(3) .
719-430(2)
When the new head company is appointed:
(a) the * franking account of the former head company ceases to operate; and
(b) the new head company has a franking account; and
(c) any * franking surplus or * franking deficit in the franking account of the former head company just before the * cessation event happened becomes that of the new head company.
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