Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) 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.
(2) A credit arises in the * franking account of the * head company of the group at the crediting time.
Note: A credit can also arise in the head company's franking account at any time under section 205 - 15.
(3) 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.
(4) This section does not apply to a credit arising in the * subsidiary member's * franking account under paragraph 709 - 60(3)(a).
Note: 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.