Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 719.435

  (1)   Part   3 - 6 operates as if a * frankable distribution made by an * eligible tier - 1 company that:

  (a)   is a member of a * MEC group; and

  (b)   is not the * provisional head company of the group;

had been made by the provisional head company of the group to a * member of the provisional head company.

Note:   Part   3 - 6 deals with imputation.

  (2)   Part   3 - 6 operates as if a * frankable distribution made by a * subsidiary member of a * MEC group (the foreign - held subsidiary ) that is not an * eligible tier - 1 company 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.