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  

Franking distributions by subsidiary member

SECTION 709-85   Non-share distributions by subsidiary members taken to be distributions by head company  

709-85(1)  
This section operates if:


(a) an entity holds a * non-share equity interest in a * subsidiary member of a * consolidated group; and


(b) the subsidiary member makes a * non-share distribution to the entity as holder of the interest; and


(c) the distribution is a * frankable distribution; and


(d) the entity to which the distribution is made is not a * member of the group.

709-85(2)  
Part 3-6 operates as if the * distribution were a * frankable distribution made by the * head company of the group to a * member of the head company.

Note:

Part 3-6 deals with imputation.


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