INCOME TAX ASSESSMENT ACT 1997
This section operates if a credit would arise in the * franking account of a * subsidiary member of a * consolidated group at a time (the crediting time ) apart from section 709-65 . 709-70(2)
A credit arises in the * franking account of the * head company of the group at the crediting time.
A credit can also arise in the head company's franking account at any time under section 205-15 .
The amount of the credit is the same as the amount of the credit that would arise in the * franking account of the * subsidiary member. 709-70(4)
This section does not apply to a credit arising in the * subsidiary member's * franking account under paragraph 709-60(3)(a) .
Such a credit arises if the entity that became the subsidiary member had a deficit in its franking account just before the time it became the subsidiary member. The credit equals the deficit, creating a nil balance in the account from that time.