INCOME TAX ASSESSMENT ACT 1997
This section operates if a debit would arise in the * franking account of a * subsidiary member of a * consolidated group at a time (the debiting time ) apart from section 709-65 . 709-75(2)
A debit arises in the * franking account of the * head company of the group at the debiting time.
A debit can also arise in the head company's franking account at any time under section 205-30 .
The amount of the debit is the same as the amount of the debit that would arise in the * franking account of the * subsidiary member. 709-75(4)
This section does not apply to a debit arising in the * subsidiary member's * franking account under paragraph 709-60(2)(a) .
Such a debit arises if the entity that became the subsidiary member had a surplus in its franking account just before the time it became the subsidiary member. The debit equals the surplus, creating a nil balance in the account from that time.