INCOME TAX ASSESSMENT ACT 1997 - SECT 719.430 Transfer of franking account balance on cessation event

INCOME TAX ASSESSMENT ACT 1997 - SECT 719.430

  (1)   This section operates if:

  (a)   a * cessation event happens to the * provisional head company of a * MEC group (the former head company ); and

  (b)   another company (the new head company ) is appointed as the provisional head company of the group under subsection   719 - 60(3).

  (2)   When the new head company is appointed:

  (a)   the * franking account of the former head company ceases to operate; and

  (b)   the new head company has a franking account; and

  (c)   any * franking surplus or * franking deficit in the franking account of the former head company just before the * cessation event happened becomes that of the new head company.