‑50 What this Subdivision is about
Only the head company of a consolidated group has an operating franking account. The subsidiary members’ franking accounts do not operate while they are subsidiary members. Debits or credits that would otherwise arise in subsidiary members’ franking accounts arise instead in the head company’s franking account. Table of sections Object 709‑55 Object of this Subdivision Treatment of franking accounts at joining time 709‑60 Nil balance franking account for joining entity Treatment of subsidiary member’s franking account 709‑65 Subsidiary member’s franking account does not operate Treatment of head company’s franking account 709‑70 Credits arising in head company’s franking account 709‑75 Debits arising in head company’s franking account Franking distributions by subsidiary member 709‑80 Subsidiary member’s distributions on employee shares and certain preference shares taken to be distributions by the head company 709‑85 Non‑share distributions by subsidiary members taken to be distributions by head company 709‑90 Subsidiary member’s distributions to foreign resident taken to be distributions by head company Payment of group liability by former subsidiary member 709‑95 Payment of group liability by former subsidiary member 709‑100 Refund of income tax to former subsidiary member
Sourced from the Federal Register of Legislation at 25 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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