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INCOME TAX ASSESSMENT ACT 1997 - SECT 709.80 Subsidiary member's distributions on employee shares and certain preference shares taken to be distributions by the head company

INCOME TAX ASSESSMENT ACT 1997 - SECT 709.80

Subsidiary member's distributions on employee shares and certain preference shares taken to be distributions by the head company

  (1)   This section operates if:

  (a)   a * subsidiary member of a * consolidated group makes a * frankable distribution; and

  (b)   the distribution is made because an entity (the shareholder ) owns a * share in the subsidiary member; and

  (c)   the share must be disregarded under subsection   703 - 35(4) or 703 - 37(4); and

  (d)   the distribution is made to the shareholder, or to another entity because the shareholder owns the share; and

  (e)   the entity to which the distribution is made is not a * member of the group.

Note 1:   Subsection   703 - 35(4) requires certain shares acquired under employee share schemes to be disregarded.

Note 2:   Subsection   703 - 37(4) requires certain preference shares to be disregarded following an ADI restructure.

  (2)   Part   3 - 6 operates as if the * distribution were a * frankable distribution made by the * head company of the group to a * member of the head company.

Note:   Part   3 - 6 deals with imputation.

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