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 709-90  

709-90   Subsidiary member ' s distributions to foreign resident taken to be distributions by head company  

Part 3-6 operates as if a ^* frankable distribution made by a ^* subsidiary member of a ^* consolidated group (the foreign-held subsidiary ) were a frankable distribution made by the ^* head company of the group to a ^* member of the head company if:

(a) the foreign-held subsidiary meets the set of requirements in section 703-45 , section 701C-10 of the Income Tax (Transitional Provisions) Act 1997 or section 701C-15 of that Act; and

(b) the frankable distribution is made to a foreign resident.

Note:

Part 3-6 deals with imputation.