INCOME TAX ASSESSMENT ACT 1997 - SECT 717.10 Head company taken to be liable for subsidiary member's foreign income tax

INCOME TAX ASSESSMENT ACT 1997 - SECT 717.10

  (1)   This section operates if:

  (a)   an entity was a * subsidiary member of a * consolidated group for all or part of an income year; and

  (b)   an amount was included in the * ordinary income or * statutory income of the * head company of the group for that income year; and

  (c)   the entity paid * foreign income tax (except * credit absorption tax or * unitary tax) in respect of the amount.

  (2)   Division   770 operates as if:

  (a)   the * head company had paid the * foreign income tax; and

  (b)   the entity had not paid the foreign income tax.

Note:   Division   770 provides a tax offset for foreign income tax paid.

  (3)   This section does not limit the operation of Division   770.