INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-90 - CONSOLIDATED GROUPS  

Division 709 - Other rules applying when entities become subsidiary members etc.  

Subdivision 709-A - Franking accounts  

SECTION 709-50   What this Subdivision is about  


Only the head company of a consolidated group has an operating franking account. The subsidiary members ' franking accounts do not operate while they are subsidiary members. Debits or credits that would otherwise arise in subsidiary members ' franking accounts arise instead in the head company ' s franking account.


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