Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) 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.
(2) A debit arises in the * franking account of the * head company of the group at the debiting time.
Note: A debit can also arise in the head company's franking account at any time under section 205 - 30.
(3) 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.
(4) This section does not apply to a debit arising in the * subsidiary member's * franking account under paragraph 709 - 60(2)(a).
Note: 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.