Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 709.55

Object of this Subdivision

    The object of this Subdivision is for each * consolidated group to operate what is in substance a single * franking account, by ensuring that:

  (a)   there is a nil balance in the franking accounts of entities becoming * subsidiary members of the group; and

  (b)   the franking accounts of those subsidiary members do not operate while they are subsidiary members; and

  (c)   debits or credits that would otherwise arise in the franking accounts of the subsidiary members arise instead in the franking account of the * head company of the group; and

  (d)   the head company is the only * member of the group that can frank distributions.


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